Futures contracts including rebar, iron ore, coking coal and coke slid after authorities stepped up efforts to crack down on speculation.
When the market closed, the price of iron ore dropped 2.96 percent. Rebar futures, a construction steel product, plunged 4.52 percent and coking coal dropped 4.34 percent, according to a report of the Wall Street Journal.
Volumes for hot-rolled steel coil plummeted 62.87 percent from more than 1.22 million on April 21 to about 456,000 on Friday, according to data from the Shanghai Futures Exchange.
"In terms of trend, the rising period of futures market has reached its peak and will embrace a one-and-a-half-month period of decline," Wu Chenhui, an independent industry analyst, told the Global Times on Tuesday.
At their peak this year, Dalian iron ore prices had risen 73 percent, and rebar in Shanghai by 62 percent.
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