China studies measures to curb soaring prices: industry insider

SOURCE / ECONOMY
By Yin Yeping Published: Apr 27, 2021 09:28 PM
Cranes load iron ore at a port in Nantong, East China's Jiangsu Province. File photo: VCG
The Chinese government is paying close attention to soaring iron ore prices and is studying measures to expand supplies to curb prices, a Chinese steel industry insider said on Tuesday, in a move that could affect Australia's massive iron ore exports.
"We believe that the supply side is highly concentrated and the market mechanism is not working, so we call for the authorities to play a bigger role in the event of market failure," Luo Tiejun, vice president of the China Iron and Steel Association (CISA), said at an industry conference.

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