The price and finance divisions of China’s National Development and Reform Commission (NDRC) and the futures department of the China Securities Regulatory Commission (CSRC) organized a meeting, analyzing and judging the iron ore market and its price situation, working on understanding the trading activities of iron ore futures, and reminding the relevant enterprises to take an objective view regarding the actual iron ore market situation.
The participating enterprises stated that average iron ore prices reached relatively high levels during the first three months this year, while supply of iron ore may gradually increase and supply of scrap will increase, which will exert a negative impact on scrap prices in the coming period, especially in the second half of the current year.
The NDRC requested futures companies to run business in accordance with the law, for instance, when releasing research reports, they should comprehensively, accurately and objectively analyze the iron ore market situation, and shall not deliberately play up the atmosphere of rising prices, while they also need to remind investors of potential risks and to trade rationally. The NDRC said it will pay close attention to the momentum in the iron ore market, continue to step up oversight, and resolutely maintain normal market order.