China's domestic hot-rolled coil prices fell sharply on Monday June 21, after iron ore futures led a tumble across the ferrous complex following Beijing's latest attempt to keep markets stable.
Domestic
Eastern China (Shanghai): 5,360-5,430 yuan ($829-840) per tonne, down by 100-140 yuan per tonne.
Ferrous futures losses accelerated in the afternoon trading session after market participants reacted to Beijing's latest efforts in ensuring stable supply and prices for commodities.
China's state planner - the National Development & Reform Commission (NDRC) said on Monday that it had visited the Beijing Iron Ore Trading Center with the country's market regulator - the State Administration for Market Regulation (SAMR) - to investigate the spot iron ore market, the NDRC said on its official WeChat account.
The most-traded iron ore contract on the Dalian Commodity Exchange...