China wants to increase iron ore pricing power and hopes to increase overseas investment
2014-01-28 12: 20: 14
Editor in charge: Catherine
(From this newspaper) China’s National Development and Reform Commission recently pointed out that as the world’s largest iron ore consumer, China needs to invest in more overseas mineral projects to increase its voice in global iron ore trade pricing.
According to an analysis published on its website by the National Development and Reform Commission, China’s iron ore imports will continue to increase, and China will still rely on imports. At the same time, it also stated that the "monopoly" of global iron ore resources will continue.
The National Development and Reform Commission pointed out that in order to ensure the supply of iron ore resources in China and strengthen the voice of Chinese companies in the pricing of global iron ore trade, on the one hand, it is necessary to make a clear analysis of the global iron ore supply and demand status and the future iron ore supply and demand situation in China. On the other hand, it is necessary to strengthen the top-level design of China’s iron ore resource guarantee strategy. First, in the development strategy of overseas iron ore resources, a new model of upstream and downstream industrial cooperation is formed through mutual equity participation, the balance of interests between ore prices and steel prices, and the joint construction of mines and steel plants. Diversified, multi-channel and multi-method stable iron ore supply pattern. Second, a more market-oriented approach should be adopted to support the development of overseas ore resources by Chinese companies by bringing together financial institutions, domestic and foreign railway construction companies, port construction companies, energy supply companies, and even private forces to establish investment funds for ore and bulk raw materials industries. The third is to consider increasing support for Chinese companies to build steel plants and heavy chemical industries overseas to reduce domestic consumption demand for iron ore.
China has been trying to diversify its supply sources and reduce its dependence on Australian and Brazilian mining giants such as Rio Tinto, BHP Billiton and Vale. Last year, China imported 8.19 million tons of iron ore, an increase of 10.2% year-on-year, of which Australia and Brazil provided nearly 70% of steelmaking raw materials.
China has previously accused large overseas mineral producers of using their "monopoly" position to raise prices and eroding the profit margins of Chinese steel mills.
The National Development and Reform Commission therefore pointed out that increasing investment in overseas iron ore sectors by Chinese companies will improve the balance between iron ore prices and steel prices.
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