Iron ore prices fell as traders remained cautious after China's state-backed exchange said it would limit trading volumes for key steelmaking components.
January's most-traded iron ore on China's Dalian Commodity Exchange (DCE) fell 0.48% on the day and was recorded at 923.5 yuan ($126.81) per metric ton. Additionally, coking coal increased by 1.27% and coke by 0.3%.
In addition, Dalian Commodity Exchange announced that the trading fee rates of iron ore futures contracts from daytime trading to January-May 2024 will be increased.
Looking at the Singapore Exchange, the December iron ore benchmark fell 0.76% to $122.85 a tonne as of 07:05 GMT.
Steel benchmarks on the Shanghai Futures Exchange were also declining. Rebar decreased by 0.52%, hot rolled coil decreased by 0.51%, wire rod decreased by 0.5% and stainless steel decreased by 0.31%.
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