The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 3.72% lower at 814.5 yuan ($112.85) a metric ton, the lowest since Mar. 21. It posted a week-on-week rise of 6.1% on Mar. 22.

The benchmark April iron ore on the Singapore Exchange slid by 4.34% to $103.85 a ton, as of 0702 GMT, the lowest since Mar. 19.

“We think this is a normal downward correction following a rapid price rise in the past week especially when there is no material improvement in fundamentals,” Chu Xinli, a Shanghai-based analyst at China Futures said.

“Based on the latest data, the overall ore shipments stayed at a relatively high level while the hot metal output increased at a slower-than-expected pace.”

Daily pig iron - the solid form of hot metal - output among member steelmakers surveyed stood at around 1.84 million tons over March 11-20, down 0.41% from the previous ten-day period and down 6.56% year-on-year, data from the state-backed China Iron and Steel Association showed.