The report comes after China's state planner said last week it was seeking expert advice on how to deal with rising prices.
Iron ore prices reached 932.5 yuan ($133.90) per tonne on Friday, the highest level since May 2022. Prices have increased about 50 percent since November, but steel demand has recently started to recover after months of sluggish economic growth.
The state planner of the National Development and Reform Commission said last week that experts believe the rally was caused by speculation, suggesting that authorities should strengthen market supervision and combat misleading pricing information and hoarding.
After the report, the most active May contract on the Dalian Commodity Exchange retreated from its high, closing up 0.11 percent at 910 yuan per tonne.
According to the report, the increase in prices has increased the operating costs of domestic steel mills, which are struggling to make a profit, and the risk of serious fluctuations in the future.
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