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China seeks alternative benchmark for iron ore

Others see Singapore Exchange as fair pricing platform

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Overproduction of steel persists as a serious problem in China.   © Reuters

TOKYO -- As the global steel industry grapples with mercurial prices for iron ore, a Chinese industry group has called for a new pricing benchmark that better reflects its home market.

Wang Liqun of the China Iron and Steel Association criticized the volatility of iron ore spot market prices at the Singapore Iron Ore Forum held in late April. Questioning the existing system, he called for a more transparent alternative.

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