Chinese iron ore market information providers were summoned by the National Development and Reform Commission (NDRC) and State Administration for Market Regulation amid recent volatility seen in iron ore prices, and called for publishing accurate market information.
Regulators required relevant iron ore data platforms to show references and to ensure the accuracy of market information, instead of spreading false information about price or price speculations, NDRC said via its official WeChat account on Wednesday.
Regulators vowed to enhance monitoring iron ore prices and take measures to stabilize the market. Any illicit activities including spreading false information and price speculations will be met with strict penalties.
Aside from enhancing inspections targeting illicit activities, multiple departments including Ministry of Industry and Information Technology, Ministry of Ecology and Environment and NDRC announced on Tuesday further adjustment of iron ore pricing mechanisms.
The three regulators vowed to improve the amount and quality of output steel products by increasing capacity, domestic iron ore supply and steel scrap reuse. In addition, multiple advanced technologies will be applied to ensure reduction of carbon dioxide emissions.
Cranes unload imported iron ore at the Lianyungang Port in East China’s Jiangsu Province on Sunday. Photo: VCG
