Home Business China Development and Reform Commission and others go to Qingdao to carry out iron ore market supervision research and require the release of excessive inventory | Reuters

China Development and Reform Commission and others go to Qingdao to carry out iron ore market supervision research and require the release of excessive inventory | Reuters

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China Development and Reform Commission and others go to Qingdao to carry out iron ore market supervision research and require the release of excessive inventory | Reuters

BEIJING, Feb. 17 (Reuters) – In response to the recent sharp rise in iron ore prices, the Price Department of China‘s National Development and Reform Commission and the Price Supervision and Competition Bureau of the State Administration of Market Regulation went to Qingdao to conduct a joint regulatory survey, warning some iron ore trading companies and asking for the release of High inventory, restore to a reasonable level as soon as possible.

The NDRC’s official WeChat release on Thursday is here and requires the above-mentioned companies to provide details such as recent changes in iron ore inventories, the specific time, quantity and price of iron ore purchases and sales, and to cooperate with the verification of whether there are hoarding, price gouging and other violations of laws and regulations.

At the same time, we will pay close attention to the changes in iron ore prices, and will take further effective measures with relevant departments to effectively maintain the normal order of the market and ensure the stable operation of iron ore prices.

“Intensify market supervision, and resolutely and severely punish violations of laws and regulations such as fabricating and spreading information on price increases, hoarding, and driving up prices,” the press release said.

The China Municipal Administration of Supervision, the National Development and Reform Commission, and the China Securities Regulatory Commission jointly reminded some iron ore trading companies on Tuesday not to fabricate and publish false price information, and not to maliciously hype, hoard, and drive up prices, and called on relevant state-owned enterprises to take the initiative to take social responsibility and help the government ensure supply stable price. (Finish)

Posted by Wang Shuyan; Reviewed by Lin Gaoli

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