Iron ore falls on China warning

MANILA: Dalian and Singapore iron ore futures declined on Monday after China’s state planner issued another warning against speculation in the market and fresh production curbs were imposed in major Chinese steel cities.

China’s National Development and Reform Commission said on Friday it would look yet again at measures to curb “unreasonable” iron ore prices and urged trading firms to avoid hoarding and inflating prices.

Steel mills currently have enough sinter ore inventory to sustain normal production for around eight days, she added.