March 6, 2013 / 9:51 AM / 7 years ago

China blames manipulation for iron ore price surge

SHANGHAI, March 6 (Reuters) - China’s top economic planning agency lashed out at the world’s top three iron ore miners on Wednesday, accusing them and some traders of manipulating the market to drive an 80 percent rally in ore prices in just six months.

“The three major miners and some traders have delayed shipments and held back cargoes to control supplies in order to send a fake market signal that there was a supply shortage,” according to a report published on the National Development & Reform Commission (NDRC) website.

here Reporting by Ruby Lian and Fayen Wong; Editing by Muralikumar Anantharaman

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