O iron ore traded on the Dalian Stock Exchange, Chinamarked its sharpest weekly drop since February 2020, falling for a fifth straight session on Friday, as investors paid heed to intensified efforts by Chinese regulators to contain a recent rise in prices.
China’s National Development and Reform Commission on Thursday told some steel raw material investors to release excess inventories and reduce volumes to reasonable levels.
The directive followed a joint investigation with the market regulator in Qingdao, one of the country’s biggest iron ore ports, where inventories rose rapidly amid suspicions of stockpiling to raise prices.
Top-traded iron ore for May delivery on China’s Dalian Exchange ended day trading down 1.4% at 685 yuan ($108.28) a tonne after hitting 661.50 yuan, the lowest level since December 29. The contract is down 19% for the week.
On the Chinese spot market, ore dropped to $134 a tonne on Friday, down more than 10% from the five-and-a-half-month peak seen on Feb. 10, data from consultancy SteelHome showed.
Source: CNN Brasil
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