SHANGHAI: China will refuse to grant new licences to iron-ore importers unless they participate in a domestic trading platform, in a fresh move by the world's biggest iron-ore consumer to wrestle pricing power away from global miners.
China, which buys around two-thirds of the world's one-billion-tonne-plus seaborne iron ore, has been attempting to regain the upper hand in pricing the steel-making raw material since grudgingly accepting an industry-wide shift to spot pricing after four decades of a yearly set price ending in 2010.
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