China is taking fresh measures to deter hoarding of iron ore in a bid to cool a surge in prices of the key steel-making material.
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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China’s global supremacists: Communists in Beijing have grand ambitionsCode Pink, among the looniest groups on the far left, last week attempted to disrupt a hearing of the House Select Committee on the Chinese Communist Party.
Read more »
Beijing Announces ‘National Data Bureau’ Will Create a ‘Digital China’China’s annual “Two Sessions” policy jamboree on Tuesday produced a commitment to create a “national data bureau,” which the state-run Global Times hailed as an important step toward establishing the “digital China” of the future.
Read more »
China diplomatic success as Iran, Saudi Arabia to resume ties following secret Beijing meetingsThe Beijing talks capped off a series of talks over the past two years between Saudi Arabia and Iran, with previous talks in Iraq and Oman in 2021 and 2022 respectively.
Read more »
China's parliament elects Xi Jinping as China's presidentXi Jinping secured a precedent-breaking third five-year term as China's president, a largely ceremonial role, as he tightens his grip as the country's most powerful leader since Mao Zedong
Read more »
Opinion | Yellen’s Global Minimum Tax Is a Boon for BeijingFrom WSJopinion: It’s imperative that our policy makers respect Congress’s sole authority over our tax law. The global tax code clearly violates these principles, writes 76redwhiteblue.
Read more »
Pacific's Micronesia in talks to switch ties from Beijing to Taiwan- letterThe Federated States of Micronesia held talks with Taiwan in February about switching diplomatic ties for $50 million in assistance after growing frustrated at China, the outgoing president of the Pacific island nation has said in a letter.
Read more »