China promises stronger supervision of iron ore market

Workers check steel product quality at a unit of Magang Group in Ma'anshan, Anhui province. (Photo by Luo Jisheng/For China Daily)

China's top economic regulator vows to further strengthen supervision on iron ore futures and spot markets, and severely crack down on market violations to maintain normal market order.

The National Development and Reform Commission, the State Administration for Market Regulation and China Securities Regulatory Commission have recently held a conference with iron ore trading enterprises and futures companies and cautioned them of legal operation and ensuring accuracy of published information instead of spreading false content.

The government will study and adopt effective measures to ensure stable iron ore prices. They will also closely monitor the market, strengthen market regulation and crack down on violations such as the spread of false information and price gouging in the market, they said.