SINGAPORE: Dalian iron ore futures fell for the fifth straight session on Wednesday, with market dynamics responding to the repercussions of government intervention on Tuesday.

The most-traded January iron ore on China’s Dalian Commodity Exchange fell 0.3% to 957.5 yuan ($134.45) per metric ton as of 0300 GMT. On the Singapore Exchange, the benchmark January iron ore was up 0.8% at $127.33 a metric ton after dropping by as much as 3% in the previous session.

Analysts said they were currently observing the frequent and forceful interventions by the Chinese authorities to control prices. China’s state planner said on Monday that it had conducted a survey on the price indices of several commodities, including steel and iron ore, to maintain a healthy market.

The move by the pricing monitoring centre of the Development and Reform Commission came after the issuance of two warnings on reinforcing the supervision of the iron ore market in the past week. China’s central bank governor said on Tuesday that monetary policy will remain accommodative to support the economy, but he urged structural reforms over time to reduce reliance on infrastructure and property for growth.

Seaborne iron ore prices are set to climb as much as to $150 per ton in the first half of 2024, according to analysts who have lifted their estimates on expectations of increased demand in China after recent stimulus measures.

Steel benchmarks on the Shanghai Futures Exchange were mixed. The most-active rebar contract slid 0.3%, hot-rolled coil dropped 0.3%, wire rod increased 0.5%, and stainless steel gained 2%.

Other steelmaking ingredients Dalian coking coal and coke were down 2.3% and 1.4%, respectively.