Steel association sets up iron ore committee to promote resource stability

iron ore Photo:VCG

The China Iron and Steel Association (CISA) plans to set up a committee to strengthen iron ore research, the CISA’s official website announced on Sunday, a week after a group was launched. public of mineral resources.

The measures taken by the government have shown that the country attaches great importance to normalizing the iron ore market, increasing China’s pricing power for iron ore and reducing dependence foreign ore in a bid to ensure resource security, experts said.

CISA said the establishment of the iron ore working committee is an important measure to help promote the high-quality development of the steel industry.

As a branch of CISA, the working committee will be a professional organization with independent management and self-discipline in research and development work related to iron ore. The committee will initially be made up of major steel companies and the China Mineral Resources Group, according to CISA.

The launch of the committee, together with the China Mineral Resources Group, is expected to strengthen the integration of domestic mineral resources and the import of foreign iron ore, a strategic resource vital to the country’s economic security, said researcher Hu Qimu. major. at the Sinosteel Economic Research Institute, the Global Times told Monday.

For example, the committee can coordinate financial resources from enterprises, government agencies and banks, so that Chinese enterprises emerge in the international resource market with stronger competitiveness and better pricing power, Xi said. Hu.

The launch of the iron ore task force comes amid a series of measures taken by the government to ensure the supply of important mineral resources and the safety of industry and supply chains.

On July 25, the China Mineral Resources Group was launched, marking the 98th centrally owned giant enterprise managed by the State Council’s Public Assets Supervision and Administration Commission.

With a registered capital of 20 billion yuan ($2.97 billion), the giant corporation will engage in mineral resource exploration, ore mining, and mineral import and export, as well as supply chain management services, investment activities and asset management services, according to Chinese company data platform Tianyancha.

All these efforts would make the circulation of iron ore more standard and strengthen China’s pricing power for iron ore with collective purchases, reducing volatility abroad, producing negative impacts in China’s domestic market. .

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