SINGAPORE- Dalian iron ore futures fell for the fifth straight session on Wednesday, with market dynamics responding to the repercussions of government intervention on Tuesday.
The most-traded January iron ore on China’s Dalian Commodity Exchange fell 0.3 percent to 957.5 yuan ($134.45) per metric ton.
On the Singapore Exchange, the benchmark January iron ore was up 0.8 percent at $127.33 a metric ton after dropping by as much as 3 percent in the previous session.
Analysts said they were currently observing the frequent and forceful interventions by the Chinese authorities to control prices.
China’s state planner said on Monday that it had conducted a survey on the price indices of several commodities, including steel and iron ore, to maintain a healthy market.
The move by the pricing monitoring center of the Development and Reform Commission came after the issuance of two warnings on reinforcing the supervision of the iron ore market in the past week.
China’s central bank governor said on Tuesday that monetary policy will remain accommodative to support the economy, but he urged structural reforms over time to reduce reliance on infrastructure and property for growth. – Reuters
