China's leading steel companies have formed a group to investigate whether ...
BEIJING - China’s leading steel companies have formed a group to investigate whether “non-market factors” are causing a record surge in iron ore prices and have called on the government to maintain market stability.
Executives from eight steel firms representing 30% of China’s steel output, including China Baowu Group, HBIS Group, Jiangsu Shagang Group and Ansteel Group, gathered at the China Iron and Steel Association on June 27 in Beijing, according a document with the minutes from the meeting that was reviewed by Reuters.
The companies met to discuss strategies to cope with a rally in imported iron ore prices, which have climbed 69% this year, hitting a record on Wednesday. In the meeting note, the companies and the CISA blamed the price surge on poorly designed methodologies by price reporting agencies publishing physical prices, speculators in the futures market and poor trading mechanisms in the spot market.
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