China's state planner warned on Wednesday against fabricating iron ore prices, saying for the second time this year that regulators would study effective measures to ensure market stability amid fast rising prices.
The National Development and Reform Commission and the State Administration for Market Regulation recently talked to iron ore price information providers, warning the firms to ensure accuracy of their releases, the regulator said in a statement.
A Shanghai-based ferrous e-commerce platform, Esteel.com, said in a notice on Wednesday morning that one of its previous releases mentioning a possible decline in iron ore shipments from Rio Tinto The state planner had issued a public warning in late January, saying the rapidly rising iron ore prices involved speculation, as domestic inventories stood at multi-year highs.
"It's not that authorities don't allow any price gains, but not in such a fast pace," said Cheng Peng, analyst with SinoSteel Futures, noting that medium- and high-grade ores were still relatively tight.
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