On June 17, the General Office of the State Council of the People's Republic of China stated that China will regulate iron ore transactions and further centralize iron ore imports. In addition, China will encourage exploration for iron ore resources as well as the establishment of reliable iron ore supply bases outside China.
According to the document entitled, ‘Advice for the promotion of energy saving, emissions reduction and industrial structure adjustment' issued on June 17, the State Council will further regulate iron ore transactions, restrict hoarding in the market and also control price increases. The State Council also aims to optimize allocation of iron ore resources, with resources to be allocated to enterprises that conform to the relevant regulations. The document also states that further domestic iron ore exploration and overseas cooperation in resource exploration are encouraged.