Iron ore declined after its longest streak of weekly gains since January, hit by Beijing’s latest warnings about increased market supervision as its seeks to curb price rises.
The steelmaking material lost as much as 1.8% in Singapore after the National Development and Reform Commission said in a statement late Friday that it had met with major port operators to discuss iron ore inventory and storage matters, as well as to seek measures against hoarding.
The move followed the regulator’s earlier warning against hyping up iron ore prices, after it summoned some futures companies to reiterate its stance against speculation in the market.
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