Chinese iron ore prices had surged in recent sessions to a five-month high on optimism that the accommodative monetary policy of the People’s Bank of China will boost growth
NMDC Ltd.
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Shares of iron ore producer NMDC fell over 3 percent on February 15 after media reports said that futures of iron ore traded in China crashed 12 percent earlier in the day.
The sharp decline in iron ore prices in the world’s largest commodity consumer comes in the wake of warnings by Chinese authorities over price manipulation. Chinese iron ore prices had surged in recent sessions to a five-month high on the back of optimism that the accommodative monetary policy of the People’s Bank of China will boost growth.
However, Dalian Commodity Exchange on Monday hiked transaction fees to curb speculative bets on iron ore futures.
Further, media reports pointed to National Development and Reforms Commission conducting inspections at ports and commodity exchanges to look into iron ore inventories and trading in spot and futures markets.
The decline in Chinese prices of iron ore is a negative for domestic iron ore producers like NMDC, whose own prices are largely influenced by global prices of the metal.
The company reported a nearly 3 percent on-year decline in consolidated net profit to Rs 2,048.4 crore for the quarter ended December as iron ore prices softened slightly in the reported quarter.
