December 04, 2008

China should establish mechanism of iron ore storage

According to Mr Luo Bingsheng vice chairman of China iron & steel Association expressed on November 26th 2007 that China should establish mechanism of iron ore storage similar with petroleum storage for the maintaining regular supplies and control market speculations, as iron ore is the mail raw material for iron & steel industry, which is a major factor driving Chinese economy.

He also said that “Because the resources environmental constraints increase, the fuel prices rise the steel enterprises are encountering a greater cost pressure. Based on this condition, the recent domestic steel products prices will continue to maintain a concussion ascending trend.”