BEIJING- Chinese iron ore futures dropped more than 6 percent on Monday after top steelmaking city Tangshan pledged to cut emissions by 50 percent during the heavy pollution period and punish those who fail to implement production curbs.
The most-active iron ore on the Dalian Commodity Exchange, for May delivery, slumped as much as 6.3 percent to 1,005 yuan ($154.55) a ton, the lowest since Feb. 8. The contract fell 4.2 percent to 1,028 yuan.
Prices for other steelmaking ingredients also slumped on concerns of further output controls.
Dalian coking coal futures dived 4.1 percent to 1,470 yuan per ton.