Chinese regulators to inspect iron ore market, vow to crackdown on hoarding and speculation
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Update time : 2022-02-11 21:22:17
Responding to the rising price of iron ore, China's top economic planner and market regulator, said on Friday they will work together to inspect domestic commodity exchanges and major ports, and vowed to crack down on hoarding and speculation of iron ore.
The survey group formed by the National Development and Reform Commission (NDRC) and the State Administration for Market Regulation (SAMR) will specifically examine the stockpile, futures and spot trading of iron ore, and strictly hit fabrication of iron ore price hikes, hoarding and speculation, said a statement by the NDRC on Friday.
The move sent benchmark iron ore futures on the Dalian Commodity Exchange falling to 805 yuan ($126.61) per ton on Friday afternoon, erasing the gains obtained Friday morning.
Iron ore futures in China surged from late November 2021 and jumped 23 percent in January. On February 8, the futures were the highest since August 2021.
