CHINESE IRON ORE FUTURES FALL 2%

Chinese iron ore futures fell this Monday as steel mills in the world's top consumer of the raw material held back buying on expectation of deepening weakness in steel demand. 

The most active iron ore futures on the Dalian Commodity Exchange dropped 2 percent to 373.5 yuan a tonne by 0303 GMT.

Some steel mills are posting losses as high as 600 yuan ($94.21) per tonne and facing a worsening liquidity crunch as the cooling economy continued to hurt demand for industrial commodities, industry sources said.