China Blames Iron Ore Miners for Manipulation of Price Surge

Reuters reported that China’s National Development and Reform Commission lashed out at the top three iron ore miners, accusing them of manipulating the market to increase iron ore prices by 80 percent.

As quoted in the market news:

“The three major miners and some traders have delayed shipments and held back stocks to control supplies in order to send a fake market signal that there was a supply shortage,” the National Development & Reform Commission (NDRC) said on its website.

Click here to read the full Reuters report.