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China close to setting up iron ore trading giant

Company aims to consolidate domestic industry, coordinate mining investment

In 2021, China purchased nearly 70% of the world’s iron ore exports, spending about $180 billion.

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 materials.

The 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 the 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.

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