China’s National Development and Reform Commission (NDRC) held a meeting with China’s big metals producers, after which it issued a stern warning against “excessive speculation” and hoarding of raw materials, and pledged to show “zero tolerance” for monopolies in the markets.
“This round of price increases is the result of multiple factors, including international transmission but [they] also have many aspects reflecting over-speculation,” the NDRC said. It then warned that companies “should not collude with each other to manipulate market prices [or] hoard goods and drive up prices,” pointing out that the surge in commodity prices is disrupting normal market order.
