China studies measures to curb soaring iron ore prices
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Update time : 2021-04-28 15:37:49
The Chinese government is paying close attention to soaring iron ore prices and is studying measures to expand supplies to curb prices, a Chinese steel industry insider said on Tuesday, in a move that could affect Australia's massive iron ore exports.
"We believe that the supply side is highly concentrated and the market mechanism is not working, so we call for the authorities to play a bigger role in the event of market failure," Luo Tiejun, vice president of the China Iron and Steel Association (CISA), said at an industry conference.
Luo added that the soaring prices have received much attention at the government level and research into possible measures is in progress.
Chinese steel industry representatives have been calling for effective measures to strengthen the exploitation of iron ore at home and abroad and improve the reliability of supplies, in a bid to curb rising iron ore prices.
In the first quarter, China's imports of iron ore reached 283 million tons, up 8 percent year-on-year, while the import price averaged $150.79 per ton, up 64.51 percent year-on-year, according to figures released by the China Iron and Steel Association (CISA) on Tuesday.
Australia has been the major source, accounting for up to 60 percent of China's total imports of iron ore.
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