Benchmark iron ore fell 2% to its lowest level since September 2012 when the steelmaking raw material spent two weeks below USD 100 per tonne.

According to data from the The Steel Index, the import price of 62% iron ore fines at China's Tianjin port was pegged at USD 100.70 per tonne down 2% or USD 2.10 on the day.

Apart from that quick gap down in 2012 ore hasn't traded below USD 100 at all since 2009. Futures trading on the Dalian exchange saw the price for third quarter deliveries tank 3% to an implied Tianjin price of USD 98.50.