Chinese regulators were looking into the iron ore spot market and pledged this week to crack down on hoarding and speculation, Reuters reported.
The MySteel 62% Australian fines lost 2.99% to US$211 per tonne.
However 58% fines gained 4.4% to $181.40/t.
A weaker US dollar helped lift base metals, with nickel up 1.7% on the London Metal Exchange to $17,724.50/t.
The global nickel market posted a deficit of 15,600t in April, from a shortfall of 17,000t in March, according to the International Nickel Study Group, Marex's Anna Stablum said.
INSG said the during the first four months of 2021, the nickel market was in a 34,900t deficit from a 48,000t surplus during the same period a year ago.
The gold price is similar to this point yesterday, around US$1,780 an ounce on the spot market.
Among the mining majors, Glencore and Freeport-McMoRan both rose about 2% in London and New York respectively.
Rio Tinto rose 1.5% in London while Barrick Gold lost 0.8% in Toronto.
