China will crack down on regulatory violations to maintain order in the iron ore market, and will continue to strengthen supervision of the futures and spot market, its state planner said on Thursday.
The country will continue to pay close attention to the dynamics of the iron ore market, the National Development and Reform Commission (NDRC) said in a statement on its WeChat account that.
The state planner said it recently held a meeting with some futures companies to discuss iron ore market and price movement.
The companies attending the meeting said iron ore prices will face downward pressure following a rapid rise since mid-August when there was no big change in market fundamentals, according to the NDRC statement.
The most-actively traded iron ore futures contract on the Singapore Exchange climbed by 13.5 per cent in the two weeks to Aug. 25 with physical prices for ore delivered to China rising by a similar amount.
