China Plans State-Backed Platform to Buy Iron Ore, Sources Say
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China’s latest bid to wrest control of soaring iron ore prices is a plan to make global suppliers negotiate sales to the world’s biggest market through a centralized platform.
Beijing wants all purchases of the steelmaking material conducted through a single state-backed platform that’s under preparation, according to people familiar with the matter. At the moment, Chinese businesses including steel mills can negotiate spot purchases independently.