Singapore iron ore futures faced a retreat on Monday as caution spread after China, the world's leading consumer, issued warnings about enhancing market supervision. The benchmark December iron ore contract on the Singapore Exchange dropped by 0.64% to $133 per metric ton. China's state planner announced plans to strengthen supervision at ports, aiming to prevent hoarding and speculation and maintain an orderly market, marking the second move in a week to curb a price rally. Additionally, investors awaited details on property-related stimulus measures from the Chinese government. Weaker steel demand during winter months and resistance from downstream consumers have also contributed to the cautious sentiment, with market analysts anticipating prices to move within a tight range until a clear signal emerges from winter restocking or fresh macroeconomic stimulus. Meanwhile, other steelmaking ingredients, including coking coal and coke, extended their rally due to expectations of tightening supply following production suspensions in key coal production areas. Steel benchmarks on the Shanghai Futures Exchange showed mixed movements.

SOURCE: GOOGLE