The benchmark spot iron ore price dipped 0.5% to $75.10 a ton on Monday, the lowest price since June 2009, according to Reuters. Chinese iron ore and steel futures also hit record lows on Tuesday as China's home prices further declined. Data showed Chinese home prices fell 2.6% in October.
China is the largest consumer of both iron ore and steel in the world.
Must Read: Warren Buffett's 25 Favorite Stocks
The price of iron ore, used to make steel, has plummeted 44% this year amid a supply glut as major producers such as Vale (VALE) , Rio Tinto (RIO) , and BHP Billiton (BHP) increased their output despite slowing demand in China.
Separately, TheStreet Ratings team rates CLIFFS NATURAL RESOURCES INC as a "sell" with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CLIFFS NATURAL RESOURCES INC (CLF) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."