The Chinese government will back the China Iron & Steel Association in iron ore price negotiations to ease the situation of the continuous rising spot iron ore price caused by the "chaotic situation" and disorderly competition within Chinese importers, Li Yizhong, minister of the Industry and Information Technology, told reporters today.
As the world's largest iron ore importer, China should have more say in iron ore price talks, Li said.
The world's major iron ore suppliers should deal with the issue in a fair manner in consideration of their long standing friendly cooperation with China, and there is room for the current situation (of the price talks) to be improved, said Li.
The spot price and contract price of iron ore should have a reasonable relation, he added.
