Iron ore import rules tightened
By Gong Zhengzheng (China Daily)Updated: 2006-12-29 08:56 China, the world's biggest iron ore consumer and importer, yesterday raised the threshold for domestic steel makers and trading companies to qualify for imports of the main raw material used to make steel for a second time since 2005.
Now, iron ore importers will need registered capital of at least 20 million
yuan (US$2.56 million), double what is currently needed, according to a joint
statement from the China Iron & Steel Association and the China Chamber of
Commerce of Metals, Minerals & Chemicals Importers & Exporters.
| |||
Firms will also be required to have imported at least 700,000 tons of iron ore last year, up from the previous criteria of 300,000 tons.
There are 118 iron ore importers in China, including 70 steel mills and 48 trading companies.
This number will lessen as the new policy goes into effect in February, said Luo Bingsheng, vice-chairman of the China Iron & Steel Association.
Luo declined to reveal how many importers the association thinks will survive.
In May of last year, China cut the number of iron ore importers from 523 to
the current level by creating stricter industry regulations.
 Workers load a truck with iron ore imported from Brazil at the Zhanjiang Port in South China's Guangdong Province. [China Daily]  |
| 1 | 2 | 3 |  |
(For more biz stories, please visit Industry Updates)