Iron ore dips further

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BEIJING- Iron ore prices extended declines for a second session on Wednesday amid lingering risk-off sentiment, although a speech by China’s central bank governor on support for the property market offset some of the earlier losses.

The most-traded January iron ore on China’s Dalian Commodity Exchange (DCE) declined 0.27 percent  to 923 yuan ($126.94) a metric ton.

The benchmark December iron ore on the Singapore Exchange was 0.58 percent  lower at $122.35 a ton.

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“Fears of enhanced government supervision on the market triggered a wave of risk-off sentiment, especially after latest moves made by the Dalian bourse,” said Chu Xinli, a Shanghai-based analyst at China Futures.

The DCE announced on Monday to limit trading volumes and adjust up trading fee rates for some futures contracts of the key steelmaking ingredient.

Also, China’s commerce ministry announced on Tuesday to require traders of some key commodities including iron ore to submit real-time information on shipments as part of efforts to stabilize trade.

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