For the first time in five trading sessions, the iron ore price has fallen overnight.
According to Metal Bulletin, the spot price for benchmark 62% ore fell by 1.54%, or 91 cents, to $58.10 a tonne.
It was the largest percentage decline since August 24, and trimmed the rally from this year’s low of $44.59 a tonne set on July 8 to 30.3%. Year to date the price has fallen 18.5%.
Pointing to the likelihood of further declines in the spot price this evening, the most actively traded January 2016 iron ore futures contract on the Dalian commodities exchange fell by 3.5 yuan, or 0.86%, in overnight trade.
Trade in Dalian will resume at 11am AEST.
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