SHANGHAI, Jun 1 (SMM) — The NDRC, MIIT, the State-owned Assets Supervision and Administration Commission, the State Administration for Market Supervision, and the China Securities Regulatory Commission held a meeting with key iron ore and steel companies that have strong market influence early last week, aiming to pay closer attention to commodity prices and cooling down the overheated commodity market.

This triggered risk aversion, sending the most-traded iron ore futures contract to a low of 992 yuan/mt at the beginning of last week. Iron ore prices followed steel prices up in the second half of the week. Iron ore futures prices are expected to trade within a narrow range in the short term amid current fundamentals and weaker impact from policy interference.