It looks set to be another bad session for Australian iron ore miners.

The most-actively traded September iron ore futures contract on the Dalian commodities exchange has fallen a further 8.5 yuan, or 2.1%, to 402 yuan in overnight trade, indicating further losses in the spot price are likely this evening should the decline be maintained today.

On Friday the spot price for 62% fines fell a further 0.67% to $55.26 a tonne, according to Metal Bulletin’s iron ore index. Separate pricing from the Steel Index, that seen in Tianjin, put the loss at 3.0%, taking the spot price down to $54.10 a tonne.

Here’s a 12-month chart for the spot price of 62% fines. Data courtesy of the Steel Index.

On top of the market ructions caused by Greece’s “No” vote to accept bailout conditions offered by international creditors, something that has seen commodity prices come under pressure, it appears as though it will be a tough session for Australia’s materials sector today.