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CISA suggests agent body on iron ore imports

(chinadaily.com.cn)
Updated: 2009-07-31 13:04

Head of the Chinese steel industry association confirms to make a unified price for the country's iron ore imports this year, and proposes to establish an agent to take 3 to 5 percent of the total iron ore import charges collected as commission after reaching on such a unified price.

The proposal has not yet been approved, said Luo Bingsheng deputy chairman of the China Iron and Steel Association (CISA) at a press conference today . The agent would probably take 3 to 5 percent of the total iron ore import charges collected as commission after the suppliers and buyers agree on a unified price for the country's iron ore imports, said Luo.

Meanwhile, the association said that it will keep closer records of the the volume and flow of imported iron ore in the future.

Benchmark spot prices of iron ore in China rose above $100 a ton on July 30, up 74 percent from a low of $58 a ton in April, according to industry consultancy Mysteel.