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The National Development and Reform Commission (NDRC) said it met with iron ore trading companies and futures firms to understand their activity in the spot and futures markets after a “continuous and rapid” rise in iron ore prices.

Despite weaker domestic demand for steel, the benchmark December iron ore contract on the Singapore Exchange has climbed by 22% since late October, hitting a nine-month high on Wednesday.

The benchmark on Dalian Commodity Exchange touched the highest level since August 2021, supported by Beijing’s decision to issue 1 trillion yuan of sovereign debt to revive its economy.

News that Chinese regulators are drafting a list of 50 real estate developers eligible for a range of funding is also supporting the market.

Companies should not fabricate and spread information about rising iron ore prices nor hype prices, the NDRC said in a statement.

Hoarding, excessive speculation and manipulation of the futures market are also not allowed.

Iron ore prices fell after NDRC issued the statement, with DCE’s most-traded January iron ore contract ending morning trading 1.62% lower at 969 yuan ($134.38) a ton while the Singapore benchmark fell 2.09%.

The state planner issued a similar warning in early September, and also took action to cool the market earlier this year.