China's iron ore, steel slump from record highs on concerns of government crackdown

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Iron ore and steel futures in China slump from record highs on concerns that the country will crack down on speculative activity to curb surging commodity prices.

Futures in Dalian closed 3.6 per cent lower, extending Thursday’s 9 per cent decline. Iron ore on the Singapore Exchange sank as much as 11 per cent to $187.10 a tonne. Prices had touched a record $233.75 on Wednesday. The physical price slumped to $209.35, according to S&P Global Platts, down from $233.10 on Wednesday.

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