The iron ore rout has resumed

Alex Caparros/Getty Images

The iron ore price has fallen to a fresh four-month low.

According to Metal Bulletin, the spot price for benchmark 62% fines fell by a further 40 cents, or 0.83%, to $47.74 a tonne on Monday, taking it closer to to the record low price of $44.59 a tonne set on July 8 this year.

From October 12 the benchmark price has fallen by 15.7%, extending this years decline to 33%.

Suggesting that there may be further short term weakness in the spot price to come, Chinese iron ore futures tumbled in overnight trade. The most actively traded January 2016 contract on the Dalian Commodities Exchange fell by 5.5 yuan, or 1.57%, to 345.5 yuan.

If sustained during Tuesday’s day session it suggests there’s likely to be a further decline in the spot price this evening.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.