Major Chinese steelmaker Baosteel has stated that iron ore prices have moved away from the fundamentals of the situation between supply and demand. Baosteel also commented that iron ore prices should move back to a more reasonable range, and it urged the government, the industry association and related enterprises to work together to cool down speculation in the iron ore market.
Iron ore futures prices at Dalian Commodity Exchange (DCE) moved up by 1.93 percent by noon, November 21, to RMB 978.5/mt ($137/mt).
$1 = RMB 7.1406