The Metal Bulletin spot iron ore price for 62% fines dropped 4.3% or $US2.88 to $63.54 per tonne, its biggest one-day fall in several months.

Iron ore is down nearly 6% in the past month.

The spot price for 58% fines fell 2% or $1.10 to $53.54/t.

“Chinese steel mills are reported to be starting plant shutdowns for maintenance earlier than normal ahead of the Chinese New Year which starts on February 19,” ANZ Research said this morning.

Gold dropped 0.9% to $1280.60 an ounce as fears over a Greek exit from the Eurozone subsided following the country’s election.

The Australian dollar fell as low as 78.55c yesterday, but has since recovered to last trade at 79.24c.

The Australian dollar gold price is around $A1618.50/oz.

Metals in London were positive, with aluminium and nickel up by close to 3% each.

Copper gained 1.4% to $US5628.50/t.

Global markets were mostly positive overnight, with US stocks recovering losses from Friday’s session.

The Australian market is set for a positive opening to the short week with the SPI 200 Futures index up 13 points to 5459 points.