Aug. 13 (Bloomberg) -- The global prices of iron ore may not continue their rising trend because of China’s ongoing efforts to reorganize its steel industry and reduce their excess production capacity, the Chinese industry minister said.
“International iron ore suppliers should bear in mind their long-term interests and China’s long-term growth prospects,” said Li Yizhong, China’s minister of industry and information, during a televised press conference today in Beijing. “The current market price of iron ore should be linked to long-term prospects and prices.”
China is “dissatisfied” with the way talks are going on with the world’s biggest suppliers of iron ore, Li said. China’s government should support the country’s iron and steel industry guild in the price negotiations, he said.