Reuters reported that Chinese iron ore futures fell to a record low on Monday due to weak demand from steel consumers.
As quoted in the market news:
Weaker steel prices have forced mills in the world’s largest producer to cut production, limiting their appetite for restocking the raw material. The tight credit crunch at year-end also dampened their buying interest.
The most active iron ore futures for May settlement on the Dalian Commodity Exchange hit a low of 885 yuan ($150) a tonne, the first time it has been below 900 yuan since the contract was launched in October. It pared losses to trade at 893 yuan by 0314 GMT, down 1.6 percent.