Iron ore markets continued to weaken on Monday, although the losses weren’t to the same scale seen on Friday.
However, with Chinese rebar and iron ore futures weakening in overnight trade, the early indications suggest the unwind will continue today.
According to Metal Bulletin, the spot price for benchmark 62% fines fell by a further 0.64% to $74.71 a tonne, taking losses from the four-month high of $76.68 struck on Thursday last week to 2.6%
Other grades fared better than the benchmark on Monday.
Ore with 65% Fe content held steady at $94 a tonne while 58% fines actually logged a small increase, rising 0.24% to $49.71 a tonne.