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PrintIt is reported China Iron and Steel Association made advice to Ministry of Industry and Information Technology of the People’s Republic of China (MIIT) to stop spot iron ore business thoroughly. Some other experts noted China should carry out more strict measures to adjust iron ore business, and the most effective way is to cut down the number of importing companies to 5 or 10.
Mr. Luo Bingsheng, vice Chairman of China Iron and Steel Association pointed out that it was the time to reorganize iron ore import orders, he even thought the spot business on iron ore should be cancelled out.
Long-term iron ore and spot iron ore coexist in China for long time, and only 70 steel mills and 42 trading companies have right to import iron ore. As a result, those small steel mills have to turn to spot market, in which the market price is much higher than the long-term price, resulting in some people reselling their iron ore in order to earn more money.
Mr. Li Xinchuang, General Engineer from China Metallurgical Industry Planning and Research Institute, noted the number of importers should be cut down, which may have positive influences on recombination on steel mills and reorganization of iron ore import orders.
Moreover, it is said MIIT has shown positive attitude that the measures on elimination of outdated capacity and recombination on steel mills may be come out in advance. It is rumored China Iron and Steel Association and China Chamber of Commerce of Metal, Minerals and Chemicals Imports and Exports (CCCMC) have started the work of cutting down the number of importers.
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