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China to enhance iron ore supply security and price influence

sxcoal.com General,  Policy,  Iron Ore 2024-03-05 13:41:23

The Chinese People's Political Consultative Conference (CPPCC) National Committee member, Liu Zhongmin, has proposed enhancing China's iron ore supply security and pricing influence during the recent "Two Sessions".

 

Liu suggested boosting domestic iron ore production, developing equity mines, and fostering the scrap steel industry. He recommended to provide favorable policies for overseas equity mining investments and promote the diversification of development and import sources.

 

Efforts should also be made to advance scrap steel resource recycling and introduce futures for recycled materials, he said.

 

Liu proposed accelerating reserve system construction for price stability and reliable supply. The system could stabilize prices and guarantee iron ore supply through flexible operation between spot and futures markets. He also encouraged private reserves to balance supply and demand through market mechanisms.

 

Meanwhile, Liu recommended establishing a national iron ore trading center, creating a Chinese iron ore price index, and promoting its adoption. Given China's largest spot market for iron ore at its ports, the national trading center would enable the collection of comprehensive and accurate price information to transmit reliable price data to the international market.

 

He emphasized the need to strengthen leading manufacturers to elevate their role in global trading.

 

Large traders and steelmakers should be guided to use domestic iron ore futures for arbitrage, he advised. By gradually developing a pricing system based on iron ore futures prices and premiums or discounts, China can foster deeper integration between futures and spot markets while enhancing its international market influence.

 

These proposals align with the objectives outlined in the report to the 20th National Congress of the Communist Party of China (CPC), which emphasizes the need to enhance our capacity to ensure a stable supply of strategic resources including energy.

 

(Writing by Riley Liang  Editing by Harry Huo)
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