Iron ore price plummets 9% as China warns traders to avoid fake pricing

The iron ore price plummeted on Tuesday as China ramped up a campaign to stop prices overheating even before the government rolls out demand-boosting stimulus measures this year.

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $134.88 a tonne during morning trading, down 9.4% compared to Friday’s closing.