BEIJING: Benchmark iron ore futures in China plunged more than 5% on Wednesday, snapping a five-session rally, after authorities vowed to strengthen supervision of the market and crackdown on any irregularities.

The state planner and market regulator said in a statement that they had warned iron ore information providers to ensure the accuracy of their release and should not fabricate or drive up prices.

The most actively traded iron ore futures on the Dalian Commodity Exchange, for May delivery, dived as much as 5.8% to 782 yuan ($122.94) per tonne, the biggest percentage loss since Dec. 3. “As authorities are paying close attention to iron ore, prices could weaken affected by market sentiment,” GF Futures analysts wrote in a note.