Not sure if you have read the Reuters story overnight. This is no jawboning. Big names like Glencore and Itochu are mentioned.
Apparently, many months worth of (excessive) imports have been stockpiled. This may be Wacky's scenario of unleashing imported and domestic stockpile while unleashing huge amount of domestic ore capacity which was mentioned just 2 weeks ago all over Google.
If this is the scenario, China won't be buying much iron ore in the next 6 months.
...Stocks of imported iron ore at China's ports had been climbing since the second half of 2021 to hit a 3-1/2 year high of over 157 million tonnes in late December, according to SteelHome consultancy. The weekly inventory stood at 156.35 million tonnes as of Feb.11...
...The Thursday meeting in Qingdao was at the summons of the NDRC, with some domestic and foreign iron ore traders present including RGL Group, Tangshan Haichi, Glencore (OTC:GLNCY), Mercuria and Itochu...
Iron ore price, page-43563
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