(Yicai Global) Feb. 9 -- The price of iron ores futures in China tumbled today after the country’s macroeconomic planner said that it has summoned industry players to caution them not to drive up prices by disseminating false prices or spreading rumors about price hikes as Beijing cracks down on a big surge in the cost of the steel-making ingredient.

The price of the most active iron ores futures contract on the Dalian Commodity Exchange sank 5.4 percent as of 10 a.m. China time to CNY785 (USD123) per ton. In the last two and a half months, the price of the contract had climbed 64 percent to a high of CNY841 yesterday.

Companies have been instructed to make sure that any information they release about the price of iron ore is factually correct, the National Development and Reform Commission said today. No business is allowed to fabricate prices, inflate prices or spread rumors about a price hike.

The commission and the State Administration for Market Regulation are attaching great importance to the fluctuation in iron ore prices and will take measures to ensure the stable operation of the market, the NDRC said. No further details were given.

Editor: Kim Taylor