Metal Products News
- Baosteel to lead in next year's iron ore talks
Date: 16-Jul-2007 Sources: (Shenzhen Daily)
THE nation's top iron and steel giant Baosteel will continue its role in 2008 to talk with major international iron ore suppliers on behalf of Chinese iron and ore producers, according to a decision made by the China Iron and Steel Association (CISA) on Friday.
CISA deputy chief Luo Bingsheng said next year's price talks will continue to focus on the relations of iron ore supply and market demand. In 2007 China's import of iron ore will be around 367 million tons, and the predicted figure of 400 million tons by overseas institutions is obviously too high, Luo said. He said that overseas suppliers have the advantage of manipulating output volume and the top three iron ore producers have intentionally reduced their output recently to push up market price in preparation for next year's talks.
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