China’s national planners have finally outlined the steps it will take in stabilizing the commodity market which has soared lately to the point of burdening consumers.
Based on a statement issued on Friday, the National Development and Reform Commission (NDRC) as well as other regulators announced 18 measures in the notice involving fiscal, monetary, environmental and more policies to support the world's second -largest industrial sector of the economy.
Following that, the NDRC said the authorities would support the supply as well as stabilize the prices of key products and raw materials, including iron ore and fertilizers.
They also promised to strengthen futures and spot market surveillance for commodities and improve price monitoring.
As a result, the most -traded iron ore futures on the Dalian Commodity Exchange recorded its biggest weekly decline in almost two years.
In the meantime, the NDRC will also encourage companies to invest in certain domestic iron and copper ore projects and increase the use of scrap metal.
