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.