* Slump in Glencore shares spooks global market
* Concerns over demand in China deepen
* Shanghai rebar futures hit record low (Updates close prices)
SHANGHAI, Sept 29 (Reuters) - Chinese iron ore futures extended 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. ID:nL5N11T43H
The most active iron ore futures on the Dalian Commodity Exchange DCIOcv1 dropped to a session-low of 361 yuan ($56.74) a tonne, the lowest since Aug. 27. They dropped 1.7 percent to 367 yuan by close.
"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 SRBcv1 touched their lowest since the contract launched in 2009, at 1,828 yuan a tonne, before closing 2 percent lower at 1,833 yuan.
Asian shares skidded to 3-1/2-year lows and the dollar sagged on Tuesday, pulled down by sharp losses on Wall Street after weak Chinese data rekindled worries about its fragile economy. ID:nL3N11Z03O
Meanwhile, London copper CMCU3 fell to near last month's six-year trough and Shanghai rubber SNRcv1 closed 3.2 percent lower.
Iron ore for immediate delivery to China's Tianjin port .IO62-CNI=SI dropped 0.36 percent to $56 a tonne on Monday. Rebar and iron ore prices at 0704 GMT
Contract
Last
Change Pct Change
SHFE REBAR JAN6
1833
-38.00
-2.03
DALIAN IRON ORE DCE DCIO JAN6
367
-6.50
-1.74
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)