* Dalian iron ore drop more than 2%
* SGX iron ore tumble more than 3%
SINGAPORE, Nov 28 (Reuters) -
Dalian iron ore futures hit a one-week low on Tuesday as the Chinese government continued to monitor prices and intervene in the market to curb a price rally.
The most-traded January iron ore on China's Dalian Commodity Exchange recorded its steepest decline in more than a month and fell 2.6% to 951 yuan ($132.96) per metric ton at closing.
On the Singapore Exchange, the benchmark December iron ore was down 3.2% at $132.69 a ton.
"Borrowing a wrestling term, we are now witnessing high-frequency smackdowns by the Chinese authorities as they intervene in the market for the fourth time in the last seven days," said Atilla Widnell, managing director at Navigate Commodities.
"Authorities believe that iron ore prices do not align with supply and demand as the market reacts to optimism stemming from a successful bailout of beleaguered property developers."
China's state planner said on Monday that it had conducted a survey on the
of several commodities, including steel and iron ore, to maintain a healthy market.
The move by the pricing monitoring centre of the Development and Reform Commission came after the issuance of two
on reinforcing the supervision of the iron ore market in the past week.
China's central bank governor said on Tuesday that monetary policy will remain accommodative to support the economy, but called for structural reforms over time to reduce a reliance on infrastructure and property for growth.
Other steelmaking ingredients continued to rally on expectation of tightening supply following production suspension at a few mines after
Dalian coking coal was up 0.4% and coke was down 0.5%.
Steel benchmarks on the Shanghai Futures Exchange were mixed. The most-active rebar contract was down 1.3%, hot-rolled coil dropped 0.6%, wire rod increased 0.6%, and stainless steel gained 1.4%. ($1 = 7.1525 yuan) (Reporting by Ashley Fang; Editing by Rashmi Aich and Sohini Goswami)