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Beijing forms organisation in bid to give Chinese steel producers more leverage over Australian iron ore prices

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Update time : 2022-07-21 21:50:57
China's government has formally established a new minerals giant that aims to give Chinese steel producers more bargaining power over prices for Australia's most important export iron ore.
The move, first touted by the steel industry earlier this year, comes as speculation mounts that Beijing will soon back down on its unofficial ban on Australia's coal exports, which could reopen trade worth almost $14 billion a year at its peak.
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