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Iron ore futures rose on Wednesday amid high trading volumes as traders looked for bargain buys, after notable losses in previous sessions stemming from China’s state planner held a meeting to discuss actions against price gouging and speculation.

The most-traded May iron ore on China’s Dalian Commodity Exchange rose 0.7% to 840.0 yuan ($123.96) a tonne as of 0308 GMT.

On the Singapore Exchange, the benchmark February iron ore was up 0.8% at $121.55 a tonne.

China’s state planner on Wednesday issued its third warning this month against excessive speculation in iron ore, adding that it will increase supervision of the country’s spot and futures markets.

The outcome of Tuesday’s meeting lacked any real teeth, so markets have assimilated it and moved on. In fact, some traders are using these events as a “buy the dip” opportunity, said Atilla Widnell, managing director of Navigate Commodities.

Brazil’s CSN Mineracao SA said on Tuesday it has reached a deal for a long-term supply of iron ore to Swiss trader Glencore.

Asian shares were mixed, the Japanese yen tumbled and Japanese yields stayed above policy cap, after the Bank of Japan unanimously decided to keep its yield curve controls in place.

Dalian iron ore slips

The most-active rebar contract on the Shanghai Futures Exchange climbed 1.2%, hot-rolled coil rose 1.3%, wire rod edged up 0.9%, and stainless steel gained 0.4%.

During 2023, crude steel production will continue to be impacted by the Chinese central government’s determination to ensure that steel output remains flat or below the previous year’s total, according to Mysteel consultancy.

Dalian coking coal and coke rose 1.8% and 1.1% respectively.

Coronado Global Resources, which has not typically sold Australian coking coal to China, has received enquiries for long term supply as Beijing lifts its unofficial ban on coal imports from Australia, its chief executive said on Wednesday.

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