August 03,
China may reduce the number of qualified importers of Iron ore with new rules for the Steel industry soon, paving the way for mills to improve their price bargaining power.
Luo Bingsheng, Vice Chairman of the China Iron & Steel Association, told reporters in Beijing today that the new rules will include standards on capital requirements, energy consumption and the environment.
The Steel Association, representing China’s largest mills, wants to reduce the number of licensed Iron ore importers, as it blames smaller buyers for inflating prices.
Restrictions, if imposed, may extend a decline in Chinese Iron ore imports, which fell for three consecutive months to June.
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