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Experts suggest strengthening iron ore price supervision to curb unreasonable rises

sxcoal.com Policy,  Iron Ore 2023-03-06 09:37:01

Fast iron ore price rallies in a short period are highly suspected of speculative activity, especially when there's no significant change in the supply-demand fundamentals, experts said during an industrial meeting held by the Price Monitoring Center of the National Development and Reform Commission lately.


In particular, several international organizations ignored the general background of the weak recovery of the world economy and loose iron ore supply, and wantonly hyped iron ore price expectations by advocating that iron ore supply face a shortage and prices will go up, experts noted.


Iron ore trading enterprises and steel enterprises are suggested to take a comprehensive and rational view of the current supply and demand situation and not follow the speculation. Information agencies and financial institutions should release market information and research reports objectively and accurately.


The relevant departments need to continue to strengthen the joint supervision of the spot and futures market, and severely crack down on illegal activities such as fabricating and disseminating price increase information, hoarding, and price gouging, so as to effectively curb the unreasonable rise in iron ore prices, experts suggested.


(Writing by Emma Yang  Editing by Tammy Yang)
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