China, Japan steel bodies meet, tie to clamp down on soaring iron ore prices: experts
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Update time : 2021-06-09 16:24:35
The exchanges between steel bodies from China and Japan signified that global soaring prices of the raw material could be restrained to some extent and a more reasonable pricing mechanism may be established to address strained supply chains, experts have said.
The remarks followed Luo Tiejun, vice president of China Iron and Steel Association (CISA) meeting with the Nippon Steel's China Chief Representative on Tuesday in Beijing. Nippon Steel is the world's No.3 steelmaker.
The two parties held a candid and friendly exchange on issues such as controlling production capacity, raw material prices, regulating iron ore pricing mechanisms, and steel market trends in the second half of the year, according to the website of CISA.
Luo hoped that the two parties will continue to maintain dialogue and exchanges in the future, especially in low-carbon metallurgical technology.
Exchanges and working in partnership on steel and iron ore market between China and Japan are conducive to clamping down on global soaring prices of the raw material and a more reasonable pricing mechanism is one measure which could address under pressure supply chains, Wang Guoqing, research director at the Beijing Lange Steel Information Research Center, told the Global Times on Wednesday.
Compared with Japan, whose firms have invested early and widely on many mining sources in both Australia and Brazil, thus winning more right of speech, China has few say on the iron ore pricing even as a major global buyer of the raw material.
