The most-traded January iron ore on China’s Dalian Commodity Exchange recorded its steepest decline in more than a month and fell 2.6% to 951 yuan ($132.96) per metric ton at closing.
On the Singapore Exchange, the benchmark December iron ore was down 3.2% at $132.69 a ton.
“Borrowing a wrestling term, we are now witnessing high-frequency smack downs by the Chinese authorities as they intervene in the market for the fourth time in the last seven days,” said Atilla Widnell, managing director at Navigate Commodities.
“Authorities believe that iron ore prices do not align with supply and demand as the market reacts to optimism stemming from a successful bailout of beleaguered property developers.”
