Down another 8.3% overnight on China fears to US$104.70/tonne, the biggest one day fall we have seen in some years.
Today is not a good day to be holding iron ore miners!
Watch out for Fortescue Metals (FMG) today, short-sell reports show that a number of short positions were already well in place last week.
This week could get very, very messy for some of the miners, in particular those with a large iron ore exposure.
FMG is going to be right in the firing line today.
I'm sticking with industrials thanks!