* Slump in Glencore shares spooks global market
* Concerns over demand in China deepen
* Shanghai rebar futures hit record low
SHANGHAI, Sept 29 (Reuters) - Chinese iron ore futures stretched their losses on Tuesday as demand in the world's top consumer is expected to weaken amid a deepening economic slowdown.
A big slump in shares of mining and trading company Glencore GLEN.L , which fell almost 30 percent on Monday, also hit global equity and commodity markets, fuelling worries over weak demand from China.
The most active iron ore futures on the Dalian Commodity Exchange dropped to a session-low of 361 yuan ($56.74) a tonne, their cheapest since Aug. 27. They were trading 3-percent lower at 362.5 yuan by the midday break.
"The global equity rout has dampened broad commodities. Meanwhile, the fundamentals of iron ore and steel are also weakening further, while iron ore shipments from top miners rose," said Li Wenjing, an analyst with Industrial Futures in Shanghai.
Rebar futures on the Shanghai Futures Exchange touched their lowest since the contract launched in 2009, at 1,828 yuan a tonne. They were trading 2.2-percent lower at 1,830 yuan a tonne by the midday break.
Asian shares skidded to 3-1/2-year lows and the dollar sagged on Tuesday, pulled down by a sharp losses on Wall Street after weak Chinese data rekindled worries about its fragile economy.
Meanwhile, London copper fell to near last month's six-year trough and Shanghai rubber SNRcv1 tumbled 3 percent.
Iron ore for immediate delivery to China's Tianjin port dropped 0.36 percent to $56 a tonne on Monday. Rebar and iron ore prices at 0332 GMT
Contract
Last
Change Pct Change
SHFE REBAR JAN6
1830
-41.00
-2.19
DALIAN IRON ORE DCE DCIO JAN6
362.5
-11.00
-2.95
THE STEEL INDEX 62 PCT INDEX
56
-0.20
-0.36
METAL BULLETIN INDEX
56.86
-0.12
-0.21
Dalian iron ore and Shanghai rebar in yuan/tonne
Index in dollars/tonne, show close for the previous trading day
($1 = 6.3623 Chinese yuan renminbi)