Beijing: In a move that is likely to have significant repercussions for dry bulk owners around the world, China’s powerful National Development and Reform Commission (NDRC) has called for the nation’s steel mills to invest in more overseas iron ore projects in order to improve China’s bargaining power when it comes to pricing of the vital raw material.
The NDRC recommended the establishment of an investment fund to support local enterprises in the development of overseas mining projects, and in building steel mills and other heavy industrial projects abroad to reduce domestic iron ore use, Reuters reported. [29/01/14]
