China Vows to Crack Down on Unreasonable Surge in Iron Ore Prices and Promote Stable Iron Ore Market

SHANGHAI, Apr 19 - Meng Wei, spokesperson of the National Development and Reform Commission, said at a press conference today that in view of the obvious rise in iron ore prices, since this year, China has continued to increase the joint supervision of iron ore spot and futures prices with relevant departments.

China is decisive to severely crack down on illegal activities such as fabricating and disseminating price increase information, hoarding, inflating prices, and will resolutely maintain the normal order of the market.

At the same time, the NDRC will continue to increase domestic iron ore exploration and development efforts, accelerate the construction of domestic iron ore projects, strengthen the recycling and utilisation of recycled steel resources, and improve the ability to guarantee domestic resource supply. With the gradual effectiveness of relevant measures, the price of iron ore has dropped slightly recently. China will act to promote the stable operation of the iron ore market.