The 10 per cent fall in prices yesterday is among the first major retreats from surging prices that have driven huge profits for Australian miners in the past year.
Analysts said the fall was due to more pollution restrictions being introduced for steel producers in the Chinese city of Tangshan.
This may mean steel producers require less iron ore.
CMC Markets chief strategist Michael McCarthy said there were many reasons for sudden price fluctuations.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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