China to strengthen regulation of iron ore markets

China will take effective measures to strengthen the regulation and supervision of iron ore prices, the country's top economic regulator said on Monday.

The National Development and Reform Commission said in a statement it will make further investigations to crack down on illegal activities such as spreading false information, price gouging and speculation. It will also take more steps to keep iron ore prices stable.

The NDRC said analysis attributed the recent sharp rise in iron ore prices and abnormal fluctuations to factors such as market speculation.

According to the analysis, supply and demand in the iron ore market are generally stable, and the domestic inventory has stood at high levels for many years.