surge in pricesBeijing authorities are urging trading companies that store iron ore in big volumes at ports to sell some of their material, according to people with knowledge of the issue, who asked not to be named because the information is private. They’re also considering raising port-storage fees for large-volume cargoes, they said.
The rally in iron ore prices of more than 50% since October has already seen Dalian Commodity Exchange trigger a risk warning and impose a position cap on futures contracts to tackle speculation. The government last year also created a new state-owned firm — China Mineral Resources Group — to purchase imports on behalf of the country’s biggest steel mills in a bid to boost negotiating power.
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