The Chinese government stated: it will increase monitoring of the iron ore market, and in order to keep discipline, will eliminate the violations of regulations and will continue to strengthen monitoring of futures and cash markets.
China’s National Development and Reform Commission said the country will continue to pay attention to the dynamics of the iron ore market, and recently held a meeting with some companies operating in the futures markets to discuss the iron ore market and price trends. The mentioned companies at the meeting declared: iron ore prices would face downward pressure following a rapid rise since mid-August when there had been no big change in fundamental market conditions.
The most active iron ore futures contract on the Singapore Stock Exchange rose 25.13 per cent in the two weeks ended August 5.
In March and April, the Chinese government issued a similar warning to increase its monitoring of iron ore markets.
Chinese customs data shows it imported 106.42 million tonnes of iron ore last month, the highest since October 2020.
China, the world’s largest consumer of iron ore, imports 80 percent of its requirement