Recently, the Price Department and Finance Department of China's National Development and Reform Commission, as well as the Futures Department of the China Securities Regulatory Commission organised a meeting to analyse the iron ore market and learn about the iron ore futures trading with a few futures companies present. The aim is to prod these companies to take an objective view of the market.
Some companies said at the meeting that the domestic iron ore prices jumped to a high level in the first quarter due to multiple factors such as bullish market expectations. But they believed that global iron ore supply is bound to rise gradually, accompanied with a steady increase in steel scrap supply in China. As such, the ample supply as a whole will likely weigh on iron ore prices, and the prices are inclined to drop sharply in the second half of the year.
These companies also stated that they are committed to strengthening internal compliance management to jointly maintain order in the iron ore market. Moreover, they will put more efforts into raising investors’ awareness of risks while warning them against possible risks if possible.
The meeting also called for futures companies to operate in accordance with laws and regulations, analyse the iron ore market comprehensively and accurately before publishing relevant research reports, not to deliberately exaggerate the atmosphere of price hike, and be responsible in warning investors against risks.
In the next step, China’s National Development and Reform Commission will continue to keep a close eye on the iron ore market dynamics with relevant departments. The supervision will be stepped up to prevent frenzy in the market.
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