The iron ore price could tumble this evening with Chinese futures down 2%

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The spot iron ore price may slip below the $60 a tonne level this evening with Chinese iron ore futures down 2% overnight.

The September iron ore contract on the Dalian commodities exchange currently sits at 427.5 yuan, a decline of 1.95% on Monday’s settlement price. Should that loss be maintained throughout today’s trade it suggests the spot price will threaten the $60 a tonne level, something it has traded above since May 25.

Overnight the spot price for 62% fines fell 72c to $61.29 a tonne according to pricing from Metal Bulletin. For calendar year 2015 the spot price has fallen by 14%.

Despite the decline the materials sector is currently the second-best performer on the ASX 200 today. Arrium, a pure iron ore player, was up more than 8% a short time ago.

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