The steelmaking material lost as much as 1.8% in Singapore after the National Development and Reform Commission said in a statement late Friday that it had met with major port operators to discuss iron ore inventory and storage matters, as well as to seek measures against hoarding.
The move followed the regulator’s earlier warning against hyping up iron-ore prices, after it summoned some futures companies to reiterate its stance against speculation in the market.
Prices have gained around 30% since mid-August amid optimism for more property-sector stimulus despite a lack of significant pick up in demand fundamentals. Market watchers remain hopeful China’s 1 trillion yuan ($140 billion) debt issuance announced last month will provide more affordable housing and lift steel markets, while some are calling for more aid from Beijing.
Production of LME deliverable KAS-branded aluminium at Kazakhstan’s Eurasian Resources Group has reached the four-million-tonnes milestone
