Energy Insider: Iron Ore Futures Tumble After Regulatory Probe

In today’s Caixin energy news wrap: Chinese regulators announce probe of iron ore spot market in crackdown on hoarding and speculation; Tianqi Lithium completes sale of stake in world’s largest hard-rock lithium mine; Ganfeng Lithium raises $631 million in Hong Kong private placement.

Iron ore futures drop as regulators launch spot market probe

Benchmark iron ore futures in China tumbled for a second straight session Tuesday after regulators launched a spot market probe and pledged to crack down on hoarding and speculation. The National Development and Reform Commission (NDRC) said Monday that it joined the state market watchdog to inspect the spot market at the Beijing Iron Ore Trading Center. The regulators vowed to closely monitor prices and investigate malicious speculation. The most-traded iron ore contract on the Dalian Commodity Exchange dropped as much as 5.2% to 1,110 yuan ($171.75) a ton Tuesday, following a 9% decline Monday.