Beijing has launched a review into record prices for key steelmaking ingredient iron ore, opening a new front in its campaign to suppress high commodities prices.
In a statement issued on Monday, the National Development and Reform Commission, China’s top economic planning agency, said it would investigate “malicious speculation” in the iron ore market and “severely punish” any wrongdoing.
The move marks the latest step by Chinese policymakers to cool soaring commodity markets, which have pushed up factory gate prices in China to their highest since the 2008 financial crisis and threatened to squeeze industry profits.
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