The Dalian iron ore price tumbled on Thursday on slow manufacturing activities in China.
Benchmark iron ore futures on the Dalian bourse plummeted 8.7% to 651 yuan ($101.87) per tonne.
Stainless steel futures on the Shanghai bourse, for November delivery, ended up down 1.1% at 20,470 yuan per tonne. Earlier in the session, they had risen 5.1% to 21,280 yuan.
Analysts say stainless steel consumption is still slow in the short term as recent power rationing has hurt manufacturing activities in the world’s second-largest economy.
Other ferrous metal prices in China plunged in afternoon trading, as coking coal, coke and construction rebar all dived to daily trading limits on falling coal prices and stagnant steel consumption.
The securities regulator said late on Wednesday that it would ask futures exchanges to take multiple measures, including raising fees and restricting trading limits, in response to high coal prices.
(With files from Reuters)