Baosteel recently held at the annual meeting of the outgoing academic news that the current mainland development, implementation of the steel industry restructuring and revitalization plan, will push into the restructuring of the steel industry, continuous innovation, the development of new green track. According to reports, the current technological innovations in the field of Steel made a qualitative breakthrough to the end of technological secrets have as many as 12,000 had been exceeded. According to Baosteel Group Chairman Xu Lejiang expects Chinese iron ore imports this year will be flat with last year, or up to an increase of 1%.
According to Reuters, citing Baosteel Chairman Xu Lejiang said the Chinese iron ore imports this year will be flat with last year, or up to an increase of 1%, while the first quarter of next year, the global iron ore supply and demand and prices will be steady. According to Chinese customs data, imports from January to October this year reached 503.3 million tons of iron ore, representing a decrease of 2.2% a year earlier.
Mr Xu also said that the new iron ore pricing mechanism is acceptable quarter, the company started to pay attention iron ore swaps and other financial derivatives, but not yet commenced trading on the schedule. Swaps as a financial tool, with options, futures and forward the same as financial derivatives, refers to the transaction at a future time the two sides agreed to exchange certain assets, transaction forms, and iron ore swaps positive is that it can make transactions on the spot market participants to hedge the risk of iron ore.
