Iron ore futures fall on major bourses

Authorities to probe illegal behavior pertaining to price manipulation

Iron ore futures fell sharply on Friday, after a top official of the China Iron and Steel Association said authorities will crack down on illegal behavior related to iron ore price manipulation.

On early Friday morning, Qu Xiuli, deputy head of the CISA, said iron ore prices have formed a severe inverse relationship with steel output prices in China, and the Chinese authorities, noticing the sharp rise in iron ore prices, are investigating the cause and will strictly crack down on behaviors disturbing the market, including unjustified price increases and price manipulation.