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Iron Ore Rally May End as China Steps up Controls: Daily

CHINA PRESS
MNI (Singapore)

A rally in iron ore prices is unlikely to continue as several Chinese regulators step in to curb what they see as excessive speculation and curb steel production, the Securities Daily said citing industry experts. The Dalian Commodities Exchange last week released a notice to raise transaction fees, tighten regulation and warned against “fabricating rumors,” the daily said. The Ministry of Industry also released an order to curb steel capacity expansion, which is likely to reduce demand for iron ore, the newspaper said. Global iron ore price rallied almost 50% since November on the prospect of faster economic recovery.

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