The spot iron ore price was pummelled yet again overnight, falling by close to 5%.
According to Metal Bulletin, the spot price for benchmark 62% fines fell by $2.16, or 4.52%, to $45.58 a tonne.
Putting that figure into perspective, there has been only one other day where the spot price has been lower – July 8 this year when it plunged 10.1% to $44.59 a tonne.
Year-to-date it has now lost 36%, extending its losses from the record high of $191.90 set in early 2011 to 76%.
Metal Bulletin suggests continued weakness in rebar prices – falling to fresh record lows on Tuesday – saw iron ore traders at Chinese ports forced to make further price concessions.
Pointing to the likelihood of a further substantial drop in the spot price this evening, Chinese iron ore futures tumbled yet again to a fresh record low in overnight trade.
The most actively traded January 2016 contract on the Dalian Commodities Exchange fell 1.46% to 338.5 yuan. If sustained during Wednesday’s day session it suggests there’s likely to be more weakness in the spot price when the daily fixing occurs around 10pm AEDT this evening.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.