China plans to diversify iron ore imports and increase the ratio from independent miners to 50%, according to comments made Wang Xiaoqi, vice-chairman of the China Iron and Steel Association.
The Chinese economy logged 7.6% of growth in the second quarter, falling beneath the 8% threshold for the first time in three years, and hitting its lowest level since the first quarter of 2009, when the global financial crisis was still raging.
Market pressure from high inventories and a flood of cheap overseas supply, as well as the lackluster performance of the Chinese economy were to blame for sending the average price to its lowest point in over two and a half years.
Giant miner Xstrata has set Sep. 7 as the day for its shareholders to vote on the $26 billion takeover by Glencore, giving the commodities trader six weeks to reach an agreement on the conditions.