Benchmark iron ore futures in China fell over 7% on Thursday as market participants paused after a five-session rally that sent the steelmaking ingredient to historical highs over the past few days.

The most actively traded iron ore on the Dalian Commodity Exchange, for September delivery, was down 6.4% to 1,231 yuan ($190.76) a tonne by 0330 GMT, after declining 7.2% to 1,221 yuan earlier in the session.

Dalian iron ore prices have jumped 23%, or 248.5 yuan, so far in May as steel production curb worries, peak season demand and inflation concerns fuelled speculative buying.

“We do not see extreme tightness in the iron ore market, now or in the futures. We see little support for the price rising this high above the cost of the marginal producer in the market,” Erik Hedborg, an analyst with CRU, said in a note.

Other steelmaking ingredients also pulled back. Dalian coking coal declined 3.8% to 1,990 yuan a tonne and coke fell 2.9% to 2,758 yuan per tonne.

China’s state council said on Wednesday it would step up coordination between monetary policy and other policies to maintain stable economic operations and cope with a fast increase in commodity prices, without outlining detailed measures.

Construction-used steel rebar on the Shanghai Futures Exchange, for October delivery, fell 2.6% to 5,936 yuan a tonne.

Hot rolled coils, used in the manufacturing sector, slipped 1.9% to 6,483 yuan per tonne.

The June contract for stainless steel futures declined 2% to 15,265 yuan a tonne.

($1 = 6.4530 Chinese yuan)

(Reporting by Min Zhang and Shivani Singh; Editing by Subhranshu Sahu)