China to probe iron ore price surge

China will shortly send a joint research team to key ports and commodity exchanges to conduct supervision and research amid abnormal price fluctuations in the iron ore market, said the country's top economic planner Friday.

The research team, jointly sent by the National Development and Reform Commission and the State Administration for Market Regulation, will study the recent changes in the iron ore inventory and the participation of relevant enterprises in futures and spot trading.

As of Feb. 9, the price of primary iron ore contracts had risen by 14.85 percent this year, according to China Securities Journal.

The research team will also hear opinions and suggestions of relevant parties on strengthening the joint oversight of the market and cracking down on activities such as hoarding, price-gouging, and fabricating price information.

The country will continue to pay close attention to the market operations and the price trends and take measures to safeguard the market order.