Following a short-lived rally last week that took the commodity to $85 per tonne, the benchmark iron ore price for immediate delivery at the port of Tiajin in China dropped 2.3 per cent to $79.80 per tonne overnight on Monday, the lowest price since September 17, 2009.

Through one of the worst periods for the commodity since the financial crisis, iron ore has climbed just three times in the past 26 trading sessions, with red figures seen in the last six after a surprise 3.9 per cent bounce at the start of last week.