China to set up centralised iron ore buyer to counter price volatility

China’s government is aiming to centralise the country’s iron ore imports through a new centrally-controlled entity to be set up by the end of this year. The initiative is being led by state-owned mining and steel groups such as Baowu, China Minmetals and Aluminium Corporation of China. The project seeks to boost domestic iron ore output and organise bigger investments in overseas mines. China’s iron ore and pellet imports stood at 1.12 billion tonnes in CY’21.