Iron ore slips as China’s bourse plans to limit trading volumes

BEIJING: Iron ore prices fell on Tuesday, as traders remained cautious after a state-backed bourse in top consumer China said it would limit trading volumes of futures contracts for the key steelmaking ingredient.

The most-traded January iron ore on China’s Dalian Commodity Exchange (DCE) ended daytime trading 0.48% lower at 923.5 yuan ($126.81) a metric ton. The benchmark December iron ore on the Singapore Exchange was 0.76% lower at $122.85 a ton as of 0705 GMT. The DCE said late on Monday that trading volumes of opening both long and short positions on iron ore futures from January to May 2024 among any non-futures company member shall not exceed 1,000 lots on any single day, effective Wednesday.