Chinese School - China reacts to skyrocketing iron ore prices

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China reacts to skyrocketing iron ore prices

www.chinanews.cn 2005-04-01 13:48:32

Chinanews, Mar. 31 - The annual international iron ore price negotiations
have finally closed. However, the results have not calmed the Chinese
iron ore market. Owing to an increasingly serious problem of price hikes,
China will be obliged to screen importers, implement an iron ore import
license mechanism starting on May 1st and control entrepot trade.
The recovery of the international steel industry has led to the
increasing popularity of iron ore in recent years, and steel producers
who have signed long-term contracts with their suppliers have benefited
from iron ore price hikes. However, Brazil's Companhia Vale do Rio Doce,
Australia's Rio Tinto and BlueScope Steel Limited (formerly BHP Steel
Group), the world's largest iron ore producers, cannot let such an
opportunity to profit slip through their fingers. Therefore, they
initiated a see-saw battle on iron ore prices in the first quarter of
this year and accomplished complete victory by raising the price of iron
ore by a margin of 71.5%.
In order to control iron ore imports, relevant departments have decided
to implement an iron ore import license mechanism. According to the
latest regulations, only enterprises with iron ore import volumes of over
300,000 tons in 2004 or more than 100,000 tons in Jan. and Feb. of this
year are qualified for iron ore import licenses, and they may not switch
trade imported iron ore to other enterprises without import licenses.

          ��Iron ore price hikes (2005-03-24)
          ��No end in sight for steel price hikes (2005-03-23)
          ��Steel price hikes impact 500 listed companies (2005-03-04)
          ��Global ore prices soaring (2005-03-02)
          ��Steel prices to rise sharply in China (2005-03-02)

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