Due to low steel consumption in the main consumer country, China, the price of iron ore futures fell on Monday, while the continued weakness in the country's real estate sector also dampened market sentiment.

The most traded iron ore contract in September on the Chinese commodity exchange in Dalian (DCE) fell by 2.15% to 707 yuan (98.56 dollars) per metric ton, at 03:16 GMT. Earlier in the session, the contract reached 704 yuan, the lowest level since May 12. The June reference price for iron ore on the Singapore Stock Exchange fell by 0.94% to $97.2 per ton. The consulting firm Mysteel, “Chinese prices of imported iron ore fell on the spot and futures markets from May 19 to 23, with hot metal production by steelmakers falling even further as the low steel demand season approaches.”

The other steel-making ingredients on DCE have languished, with coking coal and coke falling by 1.16% and 1.25% respectively. The steel benchmarks on the Shanghai Futures Exchange have lost ground. Rebar fell by 1.51%, hot-rolled coils fell by 1.94%, stainless steel fell by 0.08% while wire rod plunged