NDRC Held A Special Meeting to Study the Prevention of Excessive Hoarding of Iron Ore

SHANGHAI, Feb 23 - Currently, the iron ore prices have been rising rapidly in contrary to the background that the supply and demand in the iron ore market has been stable and the port inventory has also been at a high level.

In response to this fact, the Price Department of the National Development and Reform Commission and the Price Supervision and Competition Bureau of the State Administration of Market Regulation have recently jointly organised a meeting with port management associations and relative enterprises to study related work such as greatly shortening the free storage period of iron ore for trading enterprises, increasing the cost of port storage, preventing excessive hoarding of iron ore, and instructing port managing companies to urge iron ore trading enterprises to release excessive stocks, so as to ensure that the prices return to a reasonable level as soon as possible.

The National Development and Reform Commission and the State Administration of Market Supervision will pay close attention to changes in iron ore prices. Both of them will work with relevant departments on further market supervision, to resolutely deal with illegitimate actions such as fabricating and spreading information on price increases, hoarding, and driving up prices. Such efforts will effectively maintain the normal order of the market, hence ensuring the stability of iron ore prices.