As is learned from China Chamber of Commerce of Metals, Minerals and Chemicals Importers and Exports, the just concluded qualification inspection for the enterprises engaging in iron ore imports has sharply reduced the number of enterprises that are qualified for the trade from former 500 to 118, a decrease of 76.4 percent, as a measure to better regulate the order of iron ore imports.

The 118 enterprises qualified for the trade include 70 iron and steel companies with the annual output exceeding 1 million tons and 48 trade corporations. Among them, big iron and steel companies such as Shanghai Baosteel Group Corporation and Wuhan Iron and Steel (Group) Corporation have got the qualification to deal with iron ore imports.

In light of the fact that Chinese iron and steel companies were forced to accepted unreasonable terms of large price increase put forward by international iron and steel tycoons, the departments concerned vowed to further regulate the domestic iron ore imports enterprises. As Luo Binghsen, executive deputy director of China Iron and Steel Association (CISA), pointed out that the enterprises engaging in the trade of iron ore imports in China now are excessive and dispersed, thus in great need of necessary coordination and self-discipline which could avoid importing blindly and forcing up price.

"Since the imports volume of these 118 enterprises account for up 90 percent of the nation's total, the sharp reduce will not affect the iron ore imports," explained Luo. 
 

Source: People's Daily Online