皇冠体育app

Now, iron ore importers will need registered capital of at least 20 million yuan (US$2.56 million), double what is currently needed, according to a joint statement from the 皇冠体育app Iron & Steel Association and the 皇冠体育app Chamber of Commerce of Metals, Minerals & Chemicals Importers & Exporters.

Related readings:  皇冠体育app to allow fewer companies to import iron ore  Baosteel, CVRD fix iron ore price for 2007  Imported iron ore prices to remain stable  皇冠体育app's iron ore imports slow down

Firms will also be required to have imported at least 700,000 tons of iron ore last year, up from the previous criteria of 300,000 tons.

There are 118 iron ore importers in 皇冠体育app, including 70 steel mills and 48 trading companies.

This number will lessen as the new policy goes into effect in February, said Luo Bingsheng, vice-chairman of the 皇冠体育app Iron & Steel Association.

Luo declined to reveal how many importers the association thinks will survive.

In May of last year, 皇冠体育app cut the number of iron ore importers from 523 to the current level by creating stricter industry regulations.

Workers load a truck with iron ore imported from Brazil at the Zhanjiang Port in South 皇冠体育app's Guangdong Province. [皇冠体育app Daily]

The latest policy came after 皇冠体育app's top steel group, Baosteel, representing more than 100 steel mills in 皇冠体育app, last week agreed with CVRD from Brazil and Australia's BHP Billiton and Rio Tinto - the world's three biggest iron ore suppliers - on a 9.5 per cent rise in prices for 2007.

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