Asia's iron ore futures tumbled on Monday, leading another bout of selling in the metals complex, after China's state planner warned against commodity price manipulation and vowed to clamp down on speculative trading, Reuters reports.
The most-traded iron ore contract for September delivery on China's Dalian Commodity Exchange fell by 9.5 percent, almost hitting the day's downside limit of 10 percent, at 1,016 yuan (US$157.87) a ton, its weakest since April 15. Dalian iron ore has plunged by more than 20 percent since hitting a record high of 1,358 yuan on May 12, when tougher environmental restrictions on steel production in China drove a rally in steel prices.
The most-liquid June contract for the steelmaking ingredient on the Singapore Exchange tumbled by 7.2 percent at US$177.90 a ton, its lowest since April 30.
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