Fri, April 19, 2024

China ensures the supply of major commodities

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China will increase its management of commodity supply and demand to control “unreasonable” rises in prices and block them from being passed on to consumers. The country’s cabinet stated on Wednesday as it forced coal producers to increase output.

As stated by a State Council executive meeting on Wednesday, China will break down on monopolistic practices, scatter fake news, and price gouging as part of attempts to secure the supply of primary commodities and control excessive price hikes.

Prices of certain major commodities have endured an uptrend since this year, initially, as international price influences feed into the domestic market, with some significant commodity prices retaining hitting fresh highs, announced a statement following an executive meeting, led over by Premier Li Keqiang, which warned against the transmission of increasing significant commodity prices into consumer prices.

The meeting spurred multifaceted measures to guarantee supplies, such as increasing tariffs on some steel products, temporarily lowering import duties on pig iron and scrap steel to zero, and eliminating export rebates on several steel goods.

In appreciation of attempts to curb energy-intensive projects, the country will drive major coal firms to boost supplies while holding wind, solar, hydraulic, and nuclear power playing a more critical part in ensuring supplies throughout the summer, explain the statement, promising to establish both imports and exports of primary commodities.

On top of that, the country will toughen market management, encourage industry self-discipline, and the shared supervision of futures and spot markets, as declared in the statement, promising targeted measures and attempts to troubleshoot unusual trade and wicked speculative bets.

The Wednesday meeting, the newest official warning versus runaway commodity prices, appears to have poured cold water on the white-hot commodity trade. The night session of the domestic futures market started with profound losses.

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