At the recent Metallurgical Mineral Conference, the vice president of China Iron and Steel Association (CISA) Luo Bingsheng announced that Chinese iron ore imports may follow the agent policy, on which all of the member steel producers have reached a consensus at the conference.
Under the agent policy, the iron ore agent importers will receive an amount of agent charges in light of the contracts signed with foreign iron ore suppliers. Other domestic producers will buy the iron ore from the agent importers and pay charges.
As Mr Luo stated, this move will help to regulate the iron ore import market.