While the China project, first global consumer, to set up a licensing system based on 2026 to regulate steel exports darkens the outlook for the Ask, the price of iron ore of Dalian fell to an all-time low on Monday level for over five months.

The most traded iron ore contract on the Dalian Commodity Exchange (DCE) in China closed the morning session lower from 1.05% to 754 yuan ($106.95) per metric ton.

It hit its lowest level since the 10 July to 748 yuan earlier in the session.

The reference price of iron ore for Delivery in January on the Singapore Stock Exchange fell by 0.76% to 101.2 dollars The ton at 3:30am GMT.

The contract was previously hit an intraday low of $100.4, close to Friday's low at $100.25, the lowest level since July 17