China to Build Strategic Reserves for Iron Ore

(Beijing) -- China is set to build national strategic reserves for iron ore in order to ensure supply for the steel industry, according to the China Iron and Steel Association (CISA), a government-backed industry association.

Wu Xinchun, deputy secretary general of CISA, told domestic media on February 23 that the association has recommended the creation of national strategic reserves for iron ore and a specific organization to oversee the reserve operations to the central government. According to Wu, establishing iron ore reserves are part of the steel industry development strategy for the 12th Five-Year Plan period between 2011 and 2015. The CISA is currently working on a draft of policies, institutions and management measures for iron ore reserves.