That $110 iron ore price floor: Gone!

The globe's most active steel future – Shanghai rebar for January delivery – dropped to a record low of Rmb3,607 ($567) per tonne on Monday sending the price of iron ore – a primary steelmaking ingredient – tumbling.

Iron ore prices dropped to fresh multi-year lows with the benchmark import price of 62% iron ore fines at China's Tianjin port sliding almost 1% to $109.30 a tonne on Monday. Support for the commodity is now seen at $100 a tonne.

Chinese import prices – the country is responsible for consuming 60% of the world's iron – are now the lowest since December 2009.

Iron ore has only enjoyed three up trading days over the last six weeks of trading according to data provided by Steelindex.

RELATED NEWS:

Iron ore red alert: China's steel output could shrink for the first time in 31 years >>