China’s main industrial commodities tumbled on Thursday after the government announced stepped-up measures to keep a lid on soaring raw materials prices which threaten to undermine the country’s economic recovery.
Prices of key steelmaking ingredients iron ore and coking coal, as well as steel products such as rebar and hot-rolled coil, all dropped more than 5 percent as traders offloaded supplies, and speculators placed short-sided bets that Beijing’s measures will trigger a further pullback in metals markets.
