Iron Ore Falls as CMRG Moves to Temporarily Ease Supply Curbs

Iron ore fell after China’s state-backed trader told steel mills it is temporarily easing some restrictions on a BHP Group product following a surge in prices.

Singapore futures dropped as much as 4.1% to $103.35 a ton before paring losses. China Mineral Resources Group Co. is allowing some steelmakers in the country to pick up cargoes of BHP’s Jimblebar Fines that have built up at ports since a ban on purchases was imposed in September.