CHINA’S top economic planner, the National Development and Reform Commission (NDRC), said yesterday it and the market regulator are jointly looking into the iron ore spot market and have pledged to crack down on hoarding and speculation.

The move comes after the NDRC announced Friday that an investigation has been launched into coal prices and as China is taking several steps to tamp down commodity prices.

During a visit to Beijing Iron Ore Trading Center Corp. (COREX), the NDRC and State Administration for Market Regulation discussed works to ensure supplies and stabilize iron ore prices, the planner said in a statement.

“Iron ore prices have risen significantly and remain high, putting pressure on production and operation at mid and downstream companies,” said the statement.

The regulators said China would closely monitor spot trading prices and investigate malicious speculation in a timely manner.

They would also “strictly punish and disclose” irregularities such as hyping prices and hoarding, and maintain good market order, said the statement.

Benchmark iron ore futures on the Dalian Commodity Exchange plunged as much as 9 percent to 1,119 yuan (US$173.14) per ton yesterday, narrowing their gains to 30 percent so far in 2021. (SD-Agencies)