CRU Stops Publishing China Steel Price Data on WeChat
Reuters reported that London based commodities consultancy CRU has stopped updating China steel price information on social media platform WeChat for compliance reasons after new rules were introduced for price indexes. CRU on its official WeChat account said “CRU stopped updating price information for steel products at an early stage out of compliance considerations.”
CRU head of steel prices Mr Greg Smart clarified to Reuters that the suspension only applied to prices published on WeChat and the company continues to publish steel prices on its website.
China issued the draft rules in June following a sharp rise in commodity prices, as it sought to regulate index providers and improve transparency. The rules took effect on August 1.
Wechat was initially launched as an instant messaging app by Tencent in January 2011. According to the 2019 annual WeChat report, by September 2019, its monthly active users amounted to more than 1.1 billion out of 1.4 billion population of China.Any government organizations, companies, or groups could register a WeChat Official Account to send articles and messages to their followers.