Beijing: China has scrapped a licensing system for iron ore imports, according to Reuters.
The move may further increase imports in China and also cut costs for domestic steel mills by eliminating licensed middlemen charging commissions for imports.
China imported a record 745m tons of iron ore in 2012. Inventories at China’s ports and mills are at the lowest in two and a half years at 20 days of demand, Dominic O’Kane, an analyst at JPMorgan Chase & Co, said in a report this week. [14/06/13]
