China may ban spot iron ore imports

Mr Luo Bingsheng, the vice chairman of the China Iron & Steel Association as saying that China should consider banning spot iron ore imports.

The paper said, citing an unidentified official at the National Development and Reform Commission, the country¡¯s top planner that a ban isn¡¯t practical and the interests of all parties need to be balanced.

Talks to settle contract iron ore prices between China, the world¡¯s largest consumer, and suppliers are stalled as the nation seeks a steeper discount than the 33% offered by Rio Tinto Group. The country has handed out 112 import licenses for iron ore and is considering reducing the number.

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