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PrintIt is reasonable for China Iron & Steel Association (CISA) to head the iron ore negotiation on behalf of China's steel-makers and strive to get a good price which is favorable to the mills, said Yao Jian, spokesman of the Ministry of Commerce on July 15 at a press conference.
"We will continue to support the guild's negotiation with iron ore suppliers so that a balanced, reasonable agreement reflecting China's role as a major iron ore importer can be reached as early as possible" Yao said.
China is a major iron ore importer which accounts for 60 percent of the world's iron ore trade volume. Chinese steel makers suffered huge losses due to the surge of iron ore price in the past three years, Yao added.
The business model of iron ore and the negotiation mechanism are the outcome of years of development which will continue to play their market roles. It is common practice in market economies that Industry associations manage trade and business of certain industries.
In the future, industrial associations will regulate relevant trade issues according to industry development and national foreign trade strategies, Yao noted. –China Daily Online
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