Ministry of Industry and Information Technology and other seven departments: Carry out iron ore supply and demand early warning mechanism to strengthen spot market supervision

The Ministry of Industry and Information Technology and other seven departments issued a notice on printing and distributing the Work Plan for Steady Growth of the Iron and Steel Industry. The Plan mentions that the support capacity such as ferrite resources should be improved. We should give full play to the role of the coordination mechanism for domestic iron ore development and speed up the start, operation and capacity expansion of key domestic iron ore projects to guarantee the normal production of compliant mining enterprises. In addition, we will also support iron ore enterprises to increase investment and transformation efforts, and promote the construction of smart and green mines. We should carry out the iron ore red-yellow-blue graded supply and demand warning mechanism to strengthen the spot market supervision. What’s more, we should strengthen the coordination and guarantee capacity of scrap steel resources, further improve the construction of scrap recycling, processing and distribution systems, and further promote the construction of industrial resource comprehensive utilization bases, urban mineral demonstration bases, and resource recycling bases to promote the standardization and industrialization of scrap steel processing. We will promote the expansion of imports of secondary steel materials. Besides, we also will study and establish a joint control mechanism for coal, coke and steel. On the supply side, by supporting coking coal enterprises to sign long-term agreements with coking and steel enterprises, we will promote the stable supply and price of coking coal. And steel enterprises will be encouraged to import high-quality coking coal resources.