By: Creamer media

As of 02:29 GMT, the most-traded iron-ore contract on China's Dalian Commodity Exchange (DCE) DCIOcv1 was down 1.51% at 751.5 yuan ($106.28) a metric ton, its lowest since July 10 and heading for a fifth straight session of losses.

The benchmark January iron-ore SZZFF6 on the Singapore Exchange fell for a third consecutive session, down 0.94% to $101.1 a ton, as of 02:19 GMT, its lowest since November 10.

The first shipment from the Simandou project has set sail from Guinea, the world's largest iron-ore supplier Rio Tinto said on its WeChat account on Monday.

The project is set to be the world's largest mine for the highest grade of iron-ore with an annual production capacity of 120-million tons.

Supply from Australia and Brazil, the two major iron-ore suppliers, accounts for 80% of China's iron ore imports.

The share will likely fall with more supply from Guinea, said analysts.

The near-month contract will face further pressure amid high supply, swelling inventory and diminishing demand, analysts at broker Xinhu Futures said in a note.

Crude steel output in China is expected to fall below one-billion tons this year, the first in six years.

Other steelmaking ingredients coking coal DJMcv1 and coke DCJcv1 extended falls, down 2.39% and 2.67%, respectively, amid lingering concerns over increasing supply.

Most steel benchmarks on the Shanghai Futures Exchange declined. Rebar SRBcv1 lost 1.5%, hot-rolled coil SHHCcv1 shed 1.27%, wire rod SWRcv1 dipped 0.38% and stainless steel SHSScv1 was little changed.