China to Implement Iron Ore Agent System

China is considering comprehensively carrying out an agent system for imported iron ore in order to keep its port stocks stable at an appropriate level and address issues such as dual prices set for imported iron ore and speculative practices at home, said Luo Bingsheng, former vice president of and now an advisor to the China Iron and Steel Association (CISA). Major domestic steelmakers have expressed support to this proposal sponsored by the CISA and CCCMC, a major Chinese trade body.