China to prevent speculation, price gouging in iron ore market

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China will closely watch the situation in the market of iron ore and prevent any illegal acts, including speculation and price gouging, the National Development and Reform Commission (NDRC) said on Sunday.

“(The commission) will be very strict in suppressing falsifications, the spread of false information on the increase of prices (on iron ore), speculation, price gouging and other illegal acts,” NDRC said, adding that it would closely watch the situation in the market.

According to the commission, different companies have recently started publish false or outdated information on prices of iron ore, which has had a negative impact on the market.