China tells iron-ore traders to stop hoarding after rally

Beijing authorities are urging trading companies that store iron ore in big volumes at ports to sell some of their material, according to people with knowledge of the issue, who asked not to be named because the information is private. They’re also considering raising port-storage fees for large-volume cargoes, they said.

The moves mark the latest efforts by China to head off fresh commodity inflation as the economy rebounds from the growth-sapping Covid restrictions it abandoned at the end last year. Beijing has long sought ways of gaining more sway in iron ore, where it’s highly reliant on imports from a small number of global mining firms.