Iron ore retreated further after a spike higher at the start of the week, reflecting continued pressure from a well-supplied market as Chinese steel prices slipped for the second session to trade near a record low on Wednesday.

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Iron ore has fallen 37 percent this year as growth in supply from low-cost producers Australia and Brazil has outstripped demand in China, the biggest buyer of the steelmaking commodity, Reuters reported.

Chinese HRC saw a 1.7 percent increase on Wednesday, September 17, reaching CNY 3,040 ($495.03) per metric ton and making it the biggest upwards shift of the day. The price of Chinese coking coal saw essentially no change for the fifth day in a row, remaining around CNY 1,390 ($226.35) per metric ton. For the fifth consecutive day, the price of Chinese slab held flat at CNY 3,480 ($566.68) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.79) and a low price of CNY 830.00 ($135.16) per dry metric ton.

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The steel billet cash price remained essentially flat at $450.00 per metric ton on the LME. The steel billet 3-month price continues hovering around $455.00 per metric ton on the LME for the fifth day in a row.

The 3-month price of the US HRC futures contract held steady around $643.00 per short ton. The US HRC futures contract spot price remained essentially flat at $655.00 per short ton.