The China Iron and Steel Association (CISA) has stated that CISA vice chairman Luo Tiejun has met with Gui Kangjiu, the representative of Japan-based Nippon Steel, conducting a candid exchange on issues such as controlling production capacity, raw material prices, regulating iron ore pricing mechanisms, and steel market trends in the second half this year.
Mr. Luo said that China and Japan have always had good business relations and said he hoped that the two sides will continue to maintain cooperation and exchanges in the future, especially in low-carbon technologies.
In May, he had called on the Chinese government to curb the rapid rise trend of iron ore prices, while the Chinese government took measures to curb the rapid rises in iron ore prices following the Labor Day holiday amid the impact of the big increases in commodity prices in the international market, as SteelOrbis previously reported. According to the CISA, Chinese steel prices are expected to stabilize as demand softens in the near term and the government has taken measures to reduce speculation.
According to the latest date from the Chinese customs authorities, China imported 471.76 million mt of iron ore in the January-May period of the year, up by six percent year on year, as SteelOrbis previously reported.