Iron ore price, page-43524

China Summons Top Traders to Discuss Volatility in Iron Ore Market
• Commodity houses to meet authorities in Qingdao on Thursday
• Beijing is worried about surging iron ore fueling inflation
China’s efforts to cool a scorching rally in iron ore are now ensnaring some of the world’s biggest commodities traders and producers.
Powerhouses Glencore Plc and Trafigura Group are among 10 international and domestic trading houses summoned to the eastern city of Qingdao on Thursday by the National Development and Reform Commission, according to a notice seen by Bloomberg News. The meeting, organized by China’s top economic planner, is aimed at ensuring a stable iron ore market, the notice shows.
It’s the latest step taken by Chinese authorities to try and curb a surge in the steel-making material that threatens to spur inflation. In recent weeks, there have been official checks at commodity exchanges and ports, an increase in futures trading fees and warnings against disinformation in the market.
Glencore and Trafigura declined to comment, while the NDRC didn’t respond to a faxed inquiry.
Iron ore prices started rebounding late last year on signs China would ease monetary policy and boost infrastructure spending to revive flagging economic growth. They rose almost 80% from Nov. 18 to a peak last Thursday, but have dropped around 9% since then due to the action from Beijing.
Some Chinese state-owned iron ore trading firms attended a gathering on Tuesday with a trio of powerful government departments to discuss “abnormal” prices. The China Iron & Steel Association also said it had held a virtual meeting with executives from Rio Tinto Group, the world’s biggest iron ore producer, on Monday to discuss recent price movements.
The traders summoned to Qingdao are required to provide their iron ore inventory data at Chinese ports and details of recent physical trades, according to the notice.