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The most-traded September contract on the exchange fell to 703 yuan ($114) per tonne on Monday morning, the lowest level since its launch in October 2013.

It was also 2 yuan ($0.30) per tonne below the previous low of 705 yuan ($114) per tonne recorded in mid-March.

“Market sentiment was battered, after the big drops in physical iron ore prices seen in recent weeks,” an iron ore trader in Zhejiang province said.

Metal Bulletin’s 62% Fe iron ore index dropped by almost $20 per tonne from early April to $100.74 per tonne last Friday May 16.

DCE’s September iron ore contract recovered to 712 yuan ($115) per tonne as at 11.30am Beijing time.