China's Department of Commerce to Set New Regulation for Iron Ore Market

Luo Bingsheng, the former deputy chairman of China Iron and Steel Association (CISA), has announced that the CISA has submitted a report covering the impact of iron ore price hikes on Chinese steel industry to the State Council. The report reveals that a new iron ore market regulation is to be introduced by China's Department of Commerce soon.

According to the report, the institution will set up an iron ore import agency system, in which the enterprises with iron ore import qualifications will act as agencies for the ones that do not own the qualification in question, charging certain agency fees. The Department of Commerce's new regulation will also focus on controlling the imported iron ore inventory at Chinese ports.

CISA is also initiating the 'Imported Iron Ore Qualification Standard' to control the grade, water content and sulphur content in iron ore imports.

Luo Bingsheng added that the disputes in iron ore transactions will be solved by the Department of Commerce from now on instead of the China Chamber of Commerce of Metals Minerals and Chemicals Importers and Exporters and CISA.