The China Chamber of Commerce for Metallurgical Enterprises has released a report appealing to the government to curb speculation in the iron ore market as well as cut steel exports, with both proposals prompting moves in hot-rolled coil prices in China on Thursday January 28.
Domestic Eastern China (Shanghai): 4,500-4,530 yuan ($695-700) per tonne, down 30 yuan per tonne Spot sellers cut prices on Thursday following losses on the futures market, where market participants were discussing a commerce chamber report about ways to cut down on speculation in the iron ore futures market. The China Chamber of Commerce for Metallurgical Enterprises released a report on Thursday that advises the government to "cancel iron ore futures trading" and "reduce the import of iron ore" to ensure a more self-reliant and "safer ferrous supply chain." Market participants said they think it is impossible to cancel iron ore futures trading, but many believe...