Iron ore futures slump

The most-traded May iron ore futures contact on China’s Dalian Commodity Exchange (DCE) traded 3.16% lower at 887.5 yuan ($128.51)a tonne as of 0214 GMT.

Meanwhile, on the Singapore Exchange, the benchmark April iron ore contract traded at $121.7 a tonne, down 2.94%.

The National Development and Reform Commission (NDRC) said late on Friday that its price monitoring unit had met with experts who said rising prices were driven by speculation, and suggested authorities should strengthen market supervision.

They also advised “cracking down” on the spreading of misleading pricing information, hoarding and speculation, according to the post on NDRC’s official Wechat account.