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Chinese Iron ore and steel prices fell on Thursday after the federal government sought stricter oversight of commodity markets to curb exorbitant prices, sparking a broad-based correction. On the Dalian Commodity Exchange, September iron ore trading was 5.7% lower at 1,142.50 yuan a tonne at daytime ending, after earlier beating a three-week low of 1,102 yuan. Dalian's most active contract has dropped 16 % from a record 1,358 yuan hit on May 12, extending overnight losses. The most-traded June iron ore dropped 3% to 200 dollars a tonne by 0706 Greenwich Mean Time (GMT) on the Singapore Exchange. On May 12 it reached a record height of 233.75 dollars. The world's biggest producer of steel products China has sharply elevated consumption of iron ore and other steel ingredients while ramping up production for use in manufacturing home appliances and construction materials, among strong demand driven by global stimulus measures. That stimulates prices to register peaks this month, with spot iron ore rising beyond 200 dollars a tonne. China's cabinet pledged on Wednesday, to increase its management of commodity supply and demand to control unreasonable price hikes and protect consumers. Tapas Strickland, Sydney-based economist for National Australia Bank said that commodity costs have come under stress overnight amidst the broader risk-off sentiment and as China's State Council notified about commodity costs. Steel prices continued their dropping streak to hit five-week lows, retreating from record peaks last week. Rebar 4.7% on the Shanghai Futures Exchange cast, while hot-rolled coil declined to 4.5%. Stainless steel fell 2.8%. Dalian coking coal dropped 8% while coke dropped 4.8%. Image SourceAlso read: China looks to reduce steel production volume Also read: End users are paying for steel price rise