The iron ore price rose on Wednesday as investors bet on surging demand for the steel ingredient as China’s economy reopens.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $113.60 a tonne Wednesday morning, up 3.1%.
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.
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.
It issued similar warnings on January 6 and 15th and summoned iron ore trading and futures companies, ordering them not to selectively quote data and information, deliberately exaggerate price increases or bid up prices.
(With files from Reuters)