The sell-off in iron ore intensified this week as Beijing ramped up efforts to quell price speculation, which it believesby more than 60 per cent since mid-November.
The latest drop came after China’s state planner and the market regulator told some iron ore traders to release excess inventory and reduce stocks to reasonable levels following a joint investigation in Qingdao, one of the country’s largest iron ore ports. “Many commodities have critically low inventories, but there’s no sign of that in iron ore markets – on a seasonal basis they’re way above usual levels, so I would describe that recent rally as speculative in nature, and not justified by the availability of iron ore at China’s ports,” said Robert Rennie, head of research as Westpac.
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