China Investigates The Domestic Iron Ore Spot Market
Commissioners from the National Development and Reform Commission and the State Administration of Market Supervision went to the Beijing Iron Ore Trading Center on Monday to investigate the iron ore spot market transactions and held a special symposium to study the stability of iron ore and other commodities prices. The National Development and Reform Commission pointed out that the price of iron ore has risen sharply and continues to be high, which has increased the operating pressure on the middle and lower reaches of the industry, and has attracted great attention from all parties in the society. Therefore, we will pay close attention to the changes in spot transaction prices, and investigate whether there are abnormal transactions and malicious speculation. If monopolistic, false information, price raising, hoarding, etc. are discovered, severe penalties will be imposed in accordance with the law.
On Tuesday, Powell attended a congressional hearing and continued to release his dovish arguments. He still downplays the market’s concerns about inflation and is optimistic about the prospects of the job market. He also emphasized that the Fed will not raise interest rates preemptively, and the scale of debt reduction will be determined based on data. After reiterating the temporary nature of inflation at the meeting, he denied that the United States will repeat the hyperinflation disaster of the 1970s. In addition to not preemptively raising interest rates, Powell also said that the labor shortage is caused by temporary factors, including school closures, fear of the epidemic, and unemployment benefits. As for his own term, Powell’s term of Fed chairman will end in February next year, when the new Fed chairman will be selected by Biden and confirmed by the Senate. The White House has recently avoided talking about whether Powell will be re-elected, and Democratic Representative Maxine Waters has publicly stated that he praised Powell’s satisfactory way of supporting the financial plan and providing emergency credit facilities. Powell’s speech came as the U.S. dollar index fell 0.20% to 91.733. As of 08:12 Hong Kong time, the US dollar index rose slightly by 0.01% to 91.737, which still cannot return to above the 92 threshold.
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