Xu Lejiang, president of Chinese steel giant Baosteel Group, has recently denied the media reports that claim Baosteel has involved in the swap transaction of iron ore resources.
"Iron ore swap transactions by some investors holding idle capitals have shown increases. However, we have never been involved in this speculation business and we will continue to pay attention to the issue," Xu Lejiang said.
Mr Xu also stated that the quarterly pricing system is acceptable, while it's still unforeseeable when the annually pricing system would be resumed.
According to Mr. Xu, China's total iron ore import volume in 2010 is expected to be equivalent with last year, with only one percent year-on-year increase maximum. The balance between iron ore supply and demand in the world will remain unchanged in the first quarter of next year, he has predicted.