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China Promises to Bring Order to Iron Ore Market

Steel News - Published on Wed, 17 Jul 2019

Image Source: Financial Review
Reuters reported that China’s government promised it will keep order on the iron ore market at a meeting last week with the country’s steel producers who complained about record high prices. A source said “Government officials said they support industrial participants’ assertion of their own rights and will resolutely sustain market order. China’s market regulators promised that they will tighten supervision of money flows in the benchmark iron ore futures market run by the Dalian Commodity Exchange. They will also examine whether companies are using affiliated entities to place trades on the DCE in violation of the market rules. However, the current DCE trading rules will not be changed”

More than a dozen representatives from government departments, leading steel mills, including China Baowu Group, Ansteel Group and Jiangsu Shagang Group, domestic trading houses, industrial associations, consultancies and Dalian Commodity Exchange gathered at the Ministry of Industry and Information Technology last Thursday, the source said.

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Posted By : Sanju Moirangthem on Wed, 17 Jul 2019
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