Friday, 18 Mar 2011
Bloomberg reported that the China Iron and Steel Association has asked Premier Mr Wen Jiabao to take measures to help steelmakers tackle iron ore prices as many of them will likely incur losses this month due to high costs.
Mr Luo Bingsheng special adviser and former executive vice chairman to the association, without specifying what measures the government would take, said that “Mr Wen and Vice Premier Mr Zhang Dejiang ordered the Ministry of Commerce to find solutions.”
Mr Luo said “The ultimate reason for the low profits is high iron ore prices. China should streamline its qualified importers to curb speculative purchases and control the inventory of imports at reasonable levels.”
He said that the government is actively studying the establishment of standards for imported iron ore.
Mr Luo said China iron ore production will rise 8.8% to 660 million tonnes this year, pacing estimates by the Ministry of Industry and Information Technology.
China iron ore imports fell 1.4% to 618.6 million tonnes last year, the first drop since 1998, after the government took measures to curb electricity use, rein in property speculations and as domestic mines increased output. (sourced:bloomberg)
Mr Luo Bingsheng special adviser and former executive vice chairman to the association, without specifying what measures the government would take, said that “Mr Wen and Vice Premier Mr Zhang Dejiang ordered the Ministry of Commerce to find solutions.”
Mr Luo said “The ultimate reason for the low profits is high iron ore prices. China should streamline its qualified importers to curb speculative purchases and control the inventory of imports at reasonable levels.”
He said that the government is actively studying the establishment of standards for imported iron ore.
Mr Luo said China iron ore production will rise 8.8% to 660 million tonnes this year, pacing estimates by the Ministry of Industry and Information Technology.
China iron ore imports fell 1.4% to 618.6 million tonnes last year, the first drop since 1998, after the government took measures to curb electricity use, rein in property speculations and as domestic mines increased output. (sourced:bloomberg)
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