Spot Iron ore prices continue to loose ground on softening demand and risk of over supply from global miners.
Australian miner BHP Billiton sold two cargoes of 57.7 percent grade Australian Yandi iron ore fines at $117 and $116.50 per ton via the global ore trading platform on Tuesday, down from as much as $118.50 on Monday, traders said.
Chinese traders highlight that buying sentiments have been subdued over falling steel prices and enough supplies from Australian and Brazilian miners.
They also believe that there is further scope for prices to fall.
Iron ore price is also under pressure from additional supply, with top miners on track, to boost output.
Rio Tinto, the world's second-biggest iron ore producer, is slated to increase its annual production capacity to 290 million tonnes this year from 237 million tonnes currently, said reports.
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