Iron ore slumps for a second day

For the first time in nearly a month, the iron ore price fell for a second consecutive session overnight.

According to Metal Bulletin, the spot price for benchmark 62% fines fell a further 82 cents, or 1.41%, to $57.28 a tonne.

Combined with the 1.54% decline seen on Monday, the price has now fallen close to 3% since hitting a two-month high of $59.01 a tonne on Thursday last week. Year-to-date benchmark price has fallen 20%.

In overnight trade, Chinese iron ore futures fell by 0.13%, a decline that is neither here nor there in terms of predicting movements in the spot price later on this evening.

Follow Business Insider Australia on Facebook, Twitter, and LinkedIn