On November 23, the Price Division of China’s National Development and Reform Commission (NDRC), the Price Supervision and Competition Bureau of the State Administration for Market Regulation, and the Futures Department of the China Securities Regulatory Commission organized a meeting with some iron ore trading enterprises and futures companies, to understand the situation of the relevant enterprises involving in iron ore spot and futures trading. Meanwhile, they requested that the relevant enterprises should operate in accordance with the law, and not disseminate information about the price hike. Accordingly, market participants shall not intentionally create an atmosphere conducive to price hikes, shall not inflate prices, and shall not engage in excessive speculation, or manipulate the futures market.
Import iron ore prices have seen significant rises since late October: for instance, the price of 62 percent Fe content iron ore stood at $134.2/mt CFR on November 23, up from $123.6/mt CFR recorded on October 31, bolstered steel prices from the cost side.
Yesterday, November 23, iron ore futures prices at Dalian Commodity Exchange decreased by 0.86 percent compared to the previous trading day, while today they have increased by 0.6 percent.