China Steel Association to Track Whereabouts of Imported Iron Ores
[2009-07-21]
The China Iron and Steel Association (CISA) revealed that it will re-examine related firms' qualifications for iron ore imports to find out where the imported iron ores go, and meanwhile refuted hearsay that CISA may cancel 30 companies' iron ore import licenses.
An official with CISA was quoted by China Securities Journal Monday as saying that 112 Chinese steel plants and traders now hold iron ore import licenses, but some of them haven't imported iron ore for many years and some just have imported 10,000-20,000 tons of iron ore every year.
Therefore, it's necessary to review their import qualifications, the official noted. However, CISA never said it would call off 20 or 30 traders' iron ore import licenses, he added.
CISA started to prohibit speculative purchasing and selling of iron ore from the year's beginning, stipulating that traders can only charge about three percent of commissions. Now most steel plants and traders deny speculative trading of iron ore.
However, huge amounts of iron ore have rushed to China this year, which has triggered doubts about the country's real iron ore demand as well as worries that traders may stockpile iron ore for speculation.
According to the official, CISA, in alliance with the Ministry of Commerce and the General Administration of Customs, will soon check the flow direction of the imported iron ores.
An official with CISA was quoted by China Securities Journal Monday as saying that 112 Chinese steel plants and traders now hold iron ore import licenses, but some of them haven't imported iron ore for many years and some just have imported 10,000-20,000 tons of iron ore every year.
Therefore, it's necessary to review their import qualifications, the official noted. However, CISA never said it would call off 20 or 30 traders' iron ore import licenses, he added.
CISA started to prohibit speculative purchasing and selling of iron ore from the year's beginning, stipulating that traders can only charge about three percent of commissions. Now most steel plants and traders deny speculative trading of iron ore.
However, huge amounts of iron ore have rushed to China this year, which has triggered doubts about the country's real iron ore demand as well as worries that traders may stockpile iron ore for speculation.
According to the official, CISA, in alliance with the Ministry of Commerce and the General Administration of Customs, will soon check the flow direction of the imported iron ores.
Source: chinamining.org
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