Luo Tiejun, vice president of the China Iron and Steel Association (CISA), stated recently at the 5th China International Import Expo (CIIE) that China’s production of steel and demand for iron ore will come under downward pressure in the short term, while in the long term demand for steel may remain relatively stable, which will result in firm demand for iron ore.
Mr. Luo noted that China Mineral Resources Group Co., Ltd was set up on July 19 this year, a wholly state-owned company and a state-authorized investment institution directly managed by the central government. The establishment of China Mineral Resources Group aims to enhance the ability to guarantee supplies of important mineral resources and the safety of the industrial chain.