China to monitor iron ore market situation in face of disinformation
The National Development and Reform Commission announces that the iron ore market has been negatively impacted by disinformation and misinformation.
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A miner holds a lump of iron ore at a mine located in the Pilbara region of Western Australia December 2, 2013 (Reuters).
The National Development and Reform Commission (NDRC) announced on Sunday that China will continue to observe the iron ore market and monitor the situation in an attempt to prevent any illicit acts, including but not limited to speculation and price gouging.
"[The commission] will be very strict in suppressing falsifications, the spread of false information on the increase of prices [on iron ore], speculation, price gouging and other illegal acts," NDRC said.
The commission noted that a number of companies have started spreading disinformation and misinformation, negatively impacting the market.
Prices of Iron ore have increased over the past few days, as a result of a projected growth in demand. This surge comes as China's economy has begun to recover following the Covid-19 pandemic.
Singapore's iron ore futures closed on Friday at $125.5 per ton, a price Bloomberg reported to be the highest since June.
See more: The top iron ore producers
