As suggested by Dalian iron ore futures, which traded limit down for the entirety of Monday’s session, the spot iron ore price has been flattened overnight
According to Metal Bulletin’s iron ore index the spot price for 62% fines slumped $2.98, or 5.39%, to $52.28 a tonne.
The loss, coming on the back of a 6.03% plunge last Thursday, leaves the index at levels last seen on April 21.
In 2015 the spot price has now lost $18.98, or 26.63%. Less than a month ago it was trading above $65 a tonne.
Having rebounded from a multi-year low of $47.08 a tonne struck on April 2 this year, it looks increasingly likely that a retest of this level will arrive sooner-rather-than-later.