China Wants Iron Ore Importers to Participate in Domestic Trading Platform

Reuters reported that China will not grant new licenses to iron ore importers if they will not join in a domestic trading platform, as a way to control pricing.

As quoted in the market news:

China, which buys around two-thirds of the world’s 1-billion-tonne plus sea-borne iron ore, has been attempting to regain the upper hand in pricing the steel making raw material since grudgingly accepting an industry-wide shift to spot pricing after four decades of a yearly-set price ending in 2010.

Click here to read the full Reuters report.