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China is planning to end its decade-old iron ore import licensing system this year, thus cutting costs for steel mills by eliminating middlemen that charge commissions for imports, Reuters said.

China is planning to end its decade-old iron ore import licensing system this year, thus cutting costs for steel mills by eliminating middlemen that charge commissions for imports, Reuters said.

As quoted in the market news:

It could also mark the end of years of efforts by China, alarmed by its growing dependence on imports and the dominant role played by the likes of Rio Tinto and Vale, to wrest pricing power away from the big miners by strictly regulating trade.

“China will open up its iron ore trade from the second half of the year,” said the source who declined to be named as he was not authorised to speak to the media.

“Import qualification licences will no longer be required in order to make the industry more market-oriented and give steel mills more choices.”

Click here for the full Reuters news story

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