China's benchmark iron ore futures dropped more than 6% on Wednesday, stopping a five-session rally after officials pledged to strengthen market surveillance and address any irregularities.
The state planner and market regulator said in a statement that they had warned iron ore information providers to ensure the accuracy of their release and should not produce or increase prices.
Most actively traded iron ore futures for May delivery on Dalian Commodity Exchange DCIOcv1 fell 6.2 percent to 779 yuan ($122.41) per tonne, the largest percentage loss since November 26. recorded. The contract closed at 781, down 5.9%.
"Prices may weaken as market sentiments affect iron ore as officials keep a close eye on iron ore," analysts at GF Futures said in a note.
Dalian coking coal futures DJMcv1 fell 3.9% to 2,320 yuan per tonne, while coke prices DCJcv1 pulled back from gains in morning trading and fell 1.5% to 3,026 yuan per tonne.
Rebar on Shanghai Futures Exchange SRBcv1 fell 1.3 percent to 4,843 yuan per tonne.
Hot rolled coil futures SHHCcv1 fell 1.2% to 4,980 yuan a tonne at the close.
Shanghai stainless steel futures SHSScv1 for March delivery rose 1.1 percent to yuan 18,210 a tonne.
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