Hu Zucai, vice director of China’s National Development and Reform Commission (NDRC), has stated that the sharp rises in coal and iron ore prices pushed up the global inflation in 2021 against the backdrop of the Covid-19 pandemic, a flood of liquidity and supply limitations.
He stated that China's economy is deeply integrated into the world economy, while its rate of foreign procurement of iron ore has been at a relatively high level, pushing up energy and raw material prices in the Chinese domestic market.
The NDRC official said that, accordingly, China will ensure supply of important mineral products and ensure the safety of the industrial supply chain. Meanwhile, China will strengthen domestic exploration and development of iron ore and other minerals, and will stabilize the prices in its domestic market.