Exclusive: China Close to Setting Up Iron Ore Trading Giant

A new company backed by China’s central government is close to debuting as a vehicle to manage overseas iron ore investments and handle buying of steelmaking ingredients.

Creation of the enterprise is part of China’s long-pursued goal of enhancing its position in the global iron ore trade. China produces more than half of world’s crude steel and consumes the lion’s share of global iron ore. In 2021, China purchased nearly 70% of the world’s iron ore exports, spending about $180 billion.