Chinese Regulators to Carry Out Joint Supervision and Investigations into Possible Speculation in the Iron Ore Market

SHANGHAI, Feb 11 (SMM) - The National Development and Reform Commission (NDRC) said in its official account that the Price Department of the NDRC and the Price Supervision and Competition Bureau of the State Administration of Market Regulation (SAMR) plan to send a joint research team to some commodity exchanges and key ports to conduct supervision and investigations into the iron ore market in response to the recent abnormal changes in iron ore prices. The research team will focus on the recent changes in iron ore inventories and the participation of relevant companies in iron ore futures and spot trading, and listen to suggestions on strengthening the joint supervision of the futures and spot markets, and severely cracking down on those who fabricate and spread price hike information, hoarding, price inflation, and malicious speculation and manipulation. The NDRC and the SAMR will pay close attention to changes in the prices of iron ore and other bulk commodities, and will continue to closely watch market operations and price trends, and take further effective measures to effectively maintain the normal order of the market.