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Iron Ore Tumbles as China Steel Hub Warns Mills to Control Surge

  • Tangshan bans mills from spreading price hike information
  • Futures in Singapore extend drop from record reached this week
Wagons Of Iron Ore Make Their Way To Port By Rail And Road
Photographer: Ian Waldie/Bloomberg
Updated on

Iron ore’s slump from a record accelerated as China ramps up efforts to control a dizzying surge in prices.

Futures in Dalian dropped the daily limit, while prices in Singapore tumbled 11% as the world’s biggest iron ore buyer rolled out more measures to temper recent gains. Tangshan city banned steelmakers from fabricating or spreading price-hike information, the latest in a list of measures targeting the hub, after Premier Li Keqiang earlier this week urged China to deal with surging prices.