China's wrong in the iron ore blame game

Chinese accusations that the big miners have been manipulating the iron ore price are far fetched. In reality it was China's steel mills that led to the recent wild swings in the spot price.

China’s National Development and Reform Commission mostly got its diagnosis of the factors behind the big rebound in iron ore prices since they bottomed out last year right. Except, that is, for the paranoid suggestion that the big three iron ore miners manipulated the price.

The NDRC, China’s main economic planning agency, was spot on when it said China’s steelmakers re-stocked iron ore and then increased purchases as confidence in the economy improved, igniting demand.



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