China’s Ministry of Commerce says it wants to stick with an annual pricing system for iron ore and has hinted that it may include “trade actions” to support its steelmakers in negotiations.
“We hope that suppliers, the steel association and Japanese and Korean steelmakers can together maintain the mechanism and prevent price volatility,” ministry spokesman Yao Jian said today in Beijing.
“As the world’s biggest iron ore consumers, Chinese steelmakers’ interests should be appropriately reflected in the price talks,” Yao said. “Before the price is decided, it’s hard to say what measures will be taken, but we do have policies in reserve.”
Yao didn't elaborate on what those policies might be.
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