SHFE Iron Ore Contract Plunged Over 5% on News of Governmental Supervision

SHANGHAI, Feb 9 (SMM) - In response to the recent changes in iron ore prices, the Price Department of the National Development and Reform Commission and the Price Supervision and Competition Bureau of the State Administration for Market Regulation have jointly interviewed relevant iron ore information companies, asking for the factual source of the information released, and reminding relevant companies to carefully check the information. No false price information or rumours of price increase shall be fabricated.

The National Development and Reform Commission and the State Administration of Market Supervision pay close attention to changes in iron ore prices, and will further study and take effective measures to ensure the stable operation of iron ore market prices. At the same time, they will strengthen market supervision, and strictly penalise the illegal activities such as fabrication and dissemination of price increase information and price gouging.

Affected by this news, the most traded SHFE iron ore contract fell sharply by more than 5% this morning.