iron ore Photo:VCG

The Shanghai Futures Exchange and the Dalian Commodity Exchange both issued statements on Monday targeting bulk commodity prices such as iron ore price which have hit record highs recently, aiming to curb prices of such commodities to stabilize the market.

The Shanghai Futures Exchange will increase the transaction fees for rebar and hot-rolled coil related contracts from Wednesday with the transaction fees for both commodities being adjusted to one ten-thousandth of the deal. 

The prices of bulk commodities especially that of the coking coal, coke and iron one have been fluctuating greatly, according to the statement issued by the Dalian Commodity Exchange, reminding all participating entities to respect market rules and minimize risks to ensure the stable operation of the market. 

As eight iron ore futures contracts reached its daily limit on Monday, the price limit and trading margin level of the eight contracts would increase accordingly on the next trading day, read the statement.

On Monday, the most active iron ore contract for September 2021 delivery gained 10 percent to close at a record high of 1,326 yuan ($206.2) per ton, data released by the Dalian Commodity Exchange showed, and the deformed iron ore contract for January 2022 stood at about 5,887 yuan per ton, also a record high, according to data from the Shanghai Futures Exchange.

Global Times