Baosteel hopes to cooperate with oversea mining companies
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Update time : 2020-05-20 09:35:39
According to reports, due to the rising iron ore prices, China ’s Baosteel would invest in the raw material market and hope to cooperate with overseas mining companies.
As a subsidiary of Baowu Group, Baosteel needed to purchase a large amount of iron ore every year. It was understood that Baowu Group ’s annual steel production was closed to 100 million tons/year, and 160 million tons of iron ore needed to be purchased.
Therefore, Baowu hoped to expand its raw material resources to reduce procurement costs. And also needed to find overseas partners to share the risks brought by overseas mining. In order to reduce the risks caused by exchange rate fluctuations, Baosteel and its parent company Baowu recently paid Rio Tinto CNY 100 million, and CNY 330 million to Vale, and CNY 100 million to BHP for the iron ore.
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