MOC: China’s lack of voice in iron ore talks reflects inadequate marketization

Monday, 07 June 2010 17:23:49 (GMT+2)

Chinese Ministry of Commerce (MOC) spokesman Yao Jian has commented that China's lack of voice in iron ore negotiations reflects the inadequacy of the country's marketization.

The three principal iron ore miners (BHP Billiton, Rio Tinto and Vale) are seeking further increases in iron ore prices for the third quarter and, given the strength of the miners' position, China's steel producers have no choice but to accept higher prices and the quarterly pricing system.

In this context, Mr. Yao stated that a minority of multinational companies dominate the ownership, warehousing, financing and distribution of the world's important resources. In China, the lack of such companies is a reflection of the inadequacy of the country's marketization, he added.

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