China’s National Development and Reform Commission said it would closely monitor the iron ore market and take steps with relevant departments to limit irrational price increases.
“We feel the government’s tone as reflected by its wording is more strict compared to those demonstrated in statements released on its WeChat,” said a Shanghai-based iron ore analyst, who requested anonymity because he is not authorised to speak to the media. The most-traded September iron ore on the Dalian Commodity Exchange (DCE) fell 1.15% to 776 yuan a tonne, as of 0320 GMT.
Iron ore prices have risen nearly 2% so far this year. On the Singapore Exchange, the benchmark May iron ore was down 0.61% at $117 a tonne, as of 0310 GMT. Other steelmaking ingredients coking coal and coke, however, posted slight gains. Coking coal rose 0.32% and coke edged up 0.34%.
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