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19. July 2022. China's new state-owned minerals enterprise will give it better pricing power for iron ore imports. (Source: Shutterstock) After years of pushing back against the pricing power wielded by big miners, China is now setting up a state-backed iron ore giant in a bid to invest in mines and buy the commodity in bulk for cheaper.
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Kumba Iron Ore said those stockpiles have grown to 7.9 million tons from 7.8 million tons as of December last year, forcing the company to cut back on mining activities and reduce its sales forecast.
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China's crude iron ore output exceeded 1.5 billion tons in 2014, Luo said, noting that the target set in the cornerstone plan is achievable as domestic resources have strong development potential based on mine data. After peaking in 2014, China's output of crude iron ore fell rapidly, barely reaching 760 million tons in 2018, according to Luo.
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The benchmark iron ore contract on the Singapore Exchange was down 2.1% to $109.15 a tonne as of 0648 GMT. Read Next. Commodities category Oil rises on Gaza escalation fears, set for second weekly ...
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As per the Volza's China Iron ores Buyers & importers directory, there are 580 active Iron ores Importers in China Importing from 444 Suppliers.; CONG TY TRACH NHIEM HX UU HAN THUC PHAM TOAN CAU accounted for maximum import market share with 741 shipments followed by CARAVEL METALLURGICAL LTD with 641 and SHANXI …
