The most traded iron ore future contract i1409 for September at the Dalian Commodity Exchange closed at CNY 707 per tonne down by CNY 15 per tonne from opening of CNY 722 per tonne

Iron ore for delivery in July on the Singapore Exchange was down 2 percent at USD 96.08 per tonne by 0711 GMT, the lowest for the contract since SGX introduced iron ore futures in April last year.

According to The Steel Index Ltd iron ore with 62 percent content delivered to the Chinese port of Tianjin fell 1.3 percent to USD 96.80 a dry ton down from USD 98.10 in the previous session, the lowest since September 2012

According to Shanghai Steelhome Information Technology Co stockpiles at Chinese ports climbed 0.7 percent to a record 113.30 million tonnes in the week to May 23 from a week earlier

China’s National Development and Reform Commission said that iron ore prices are unlikely to rise in the next two or three months because of rising supplies from imports, high port inventories and a slowdown in steel product demand