Iron ore futures in Dalian on Tuesday, after Monday being public holiday, slipped for a fourth straight trading day to their lowest since their October launch while Singapore iron ore futures slid more than 1%.

Iron ore for delivery in September on the Dalian Commodity Exchange touched a contract low of CNY 675 per tonne before regaining some lost ground to close at CNY 682, down 0.4 per cent.

Singapore futures also retreated. Iron ore for July delivery on the Singapore Exchange fell 1.4% to USD 92.28 per tonne

However, according to The Steel Index iron ore for immediate delivery to China was little changed at USD 92.10 a tonne on Monday from Friday's USD 91.80

These numbers suggest that Chinese steel mills are eying cheaper spot cargoes feeling that iron ore prices are unlikely to rebound amid surplus on supply side