Zeng: international mineral supply should increase

SteelOrbis Shanghai Chinese State Council Vice-President Zeng Peiyan has urged the international mining industry to bolster the stability of the minerals market by increasing supply. The senior Chinese official is reported as declaring at a meeting held several days ago that China intends to increase its mineral resources supply and also to encourage foreign investment in minerals exploration. Stating that the prices of important minerals such as oil and iron ore are all at a high level currently, State Council Vice-President Zeng went on to add that the mineral market was not only affected by supply and demand, but also by some non-economic factors. Zeng suggested that the international mining industry should promote the stability of mineral market prices through further increasing minerals supply, and thus facilitate fair trade and the satisfaction of reasonable consumption needs.