Iron ore futures prices lost further ground , weighed by strong global supply and the persistently weak steel market in top consumer China, although hints of heavier monetary stimulus helped limit losses.

The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) fell for a fifth straight session to close morning trade with a loss of nearly 1% to 769 yuan ($105.93) a metric ton.

The benchmark August iron ore on the Singapore Exchange fell below the key psychological level of $100 a ton to hit an intraday low of $99.2 a ton. It lost 0.79% at $100.1 a ton, as of 0351 GMT.

Regional steel trading associations in China are seeking new quality standards for steel rebar, used in construction, to be delayed after a wave of panic inventory sell-downs pressured the ferrous market.

Steel benchmarks on the Shanghai Futures Exchange were weaker. Rebar, hot-rolled coil and stainless steel fell more than 1%, while wire rod tumbled over 4%.