Society
China investigates inventory of imported iron ore
By Ding Qingfen and Zhang Jiawei (chinadaily.com.cn)
Updated: 2010-03-23 20:54
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An investigation team has started a probe into the inventory level of imported iron ore in China's main ports including Tianjin, Qingdao and Rizhao, a source familiar with the matter said.
China imported 628 million tons of iron ore in 2009, accounting for more than 70 percent of the world's total trade volume by ocean shipment, and 180 million more than that of the previous year. Iron ore inventory in China's ports is estimated at 70 million tons.
Some low-grade ore has entered the Chinese market as iron ore prices increased since the second half of last year, costing Chinese enterprises more and adding pressure to the country's environmental protection.
China's steel companies and iron ore importers now on the one hand strengthened their efforts to regulate themselves to maintain a good market order and on the other hand urged the government to help fight illegal practices in iron ore deals.
The investigation group members were from the Ministry of Commerce, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Transport, General Administration of Quality Supervision, Inspection and Quarantine, General Administration of Customs, China Iron and Steel Association and China Chamber of Commerce for Metals Minerals and Chemicals Importers and Exporters.
