China's relentless "suggestions" to industry that it wants to see stable commodity prices appear to have suppressed speculative behavior and are beginning to cool bullish market conditions, sources told Fastmarkets on Thursday May 27.
Rising commodity prices were highlighted for the third time in 14 days, on Wednesday May 26, during the the weekly executive meeting of China's State Council, led by the country's premier Li Keqiang.
The China Iron & Steel Association (Cisa) also appealed for the steel industry to resist destructive competition and volatile spot prices spiking or diving.
It encouraged steel mills to cooperate with national regulatory bodies to strengthen market supervision, investigate abnormal transactions and malicious hype, and assist in the investigation of monopolistic behavior and hoarding.
China's State Council has already called for stable commodity prices twice before this month.
On May 12, it said it was necessary to follow and analyze domestic and foreign market changes, deal with the impact of hiking commodity prices and strengthen the coordination of monetary and other policies to maintain a stable economy.
Then...