China issues third warning against speculation in iron ore

China's state planner on Wednesday issued its third warning this month against excessive speculation in iron ore, adding it will increase supervision of the country's spot and futures markets.

Iron ore futures in the world's top user of the raw material rallied 5.6 per cent in the first two weeks of the year to a 17-month high of 896.50 yuan ($132.26) a tonne on Jan. 13, as investors bet on surging demand for the steel ingredient as China's economy reopens.

Companies should not engage in price gouging and speculation, said the National Development and Reform Commission (NDRC), in a post on its official WeChat account.