Cranes unload imported iron ore at the Lianyungang Port in East China's Jiangsu Province on Sunday. Photo: VCG

Chinese iron ore market information providers were recently summoned by the National Development and Reform Commission (NDRC) and State Administration for Market Regulation, and were urged to publish accurate market information amid volatility in iron ore prices.

Regulators told iron ore data platforms to show references and to ensure the accuracy of market information, instead of spreading false information about prices or price speculation, the NDRC said in a post on its official WeChat account on Wednesday.

Regulators vowed to enhance monitoring iron ore prices and take measures to stabilize the spot and futures markets. Any illicit activities, including spreading false information and price speculation, will be met with strict penalties. 

Aside from enhancing inspections targeting illicit activities, multiple departments including the Ministry of Industry and Information Technology, Ministry of Ecology and Environment and the NDRC announced further adjustment of iron ore pricing mechanisms and the iron ore futures market in an outline published on Tuesday.

The three ministries vowed to improve the amount and quality of steel products, which will rely on a stable iron ore supply. The outline stated plans to boost the capacity and output of domestic iron ore mines as well as increase international cooperation in overseas iron ore mines and import volume. 

In order to expand the steel and iron ore market, China will continuously follow the principle of achieving carbon emissions reductions. Regulators called on production enterprises to apply advanced technologies to raise production efficiency and fully reuse scrap steel to reduce carbon emissions. 

The outline also set a goal of building a steel and iron ore market with an advanced industry structure, stable resources supply and low carbon emissions by 2025. 

Global Times