CISA asks steel firms to stop imports for two months
MUMBAI (Commodity Online): China Iron and Steel Association (CISA) has asked the domestic steel firms and traders with import licenses, not to import iron ore from Vale, BHP Billiton and Rio for the coming two months to check price monopoly.
Chinese steel industry's iron ore inventory, currently amounting to 75 million tonnes, is sufficient for steel mills to make regular production for at least two months.
The boycott aims at global iron ore producers' unreasonable requests for price hikes and their move to a quarterly pricing system.
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