China seeks more influence in setting iron ore prices

China is making headway on a decade-long program to create giant mining groups so it can play a bigger role in negotiating iron ore prices with more established rivals in the world.

The country plans to establish a large mining conglomerate focusing on iron ore extraction and smelting operations led by Liaoning-based Ansteel Group, a large State-owned iron and steel manufacturer, Beijing-based China Metallurgical Mining Enterprise Association said in a statement on Thursday.

"Ansteel Group will acquire a number of mining enterprises to complete the integration work over the coming years and eventually possess an annual iron ore production capacity of 200 million metric tons in 2025," said Shao Anlin, deputy general manager of Ansteel Group.