Original article by Michael Smith
The Australian Financial Review – Page: 1 & 10 : 25-May-21
The price of iron ore futures fell on 24 May after Chinese authorities announced plans to crack down on commodity price speculation by domestic traders and firms. The crackdown is also seen as an attempt to curb inflation, with China’s producer price index having risen 6.8 per cent year-on-year in April, compared to 4.4 per cent growth recorded in March. Traders expect the clampdown on commodity price speculation will impact on futures trading, but it is not expected to undermine strong demand for iron ore, which is being driven by "tight supply". The share prices of Australian iron ore producers also fell sharply.
FORTESCUE METALS GROUP LIMITED – ASX FMG, RIO TINTO LIMITED – ASX RIO, BHP GROUP LIMITED – ASX BHP