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Baowu Steel Group Seeking Iron Ore Security

Steel News - Published on Tue, 21 Jan 2020

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China’s largest steel company state owned China Baowu Steel Group Corp Ltd announced plans to expand its overseas footprint to boost its share of global iron ore mining operations. Baowu Steel Group Chairman Chen Derong revealing they had selected an overseas target. He said “The company would team up with other steel producers and jointly establish a fund to develop the mine, which would supply iron ore with an estimated cost, insurance and freight price of roughly USD 40 per tonne. Company would team up with other large producers to build a procurement platform to bring down costs.”

He added “The sharp rise in iron ore prices over 2019 had been painful for the industry and that international iron ore producers made bumper profits while the average price of imported iron ore in China surged to USD 90 per tonne.”

Baowu Group has a stake in several overseas mines. In 2002, Baosteel Group formed a joint venture with Bao Ruiji Iron Mine and Australia’s Hamersley Iron Pty. Ltd., and it has also established projects with Australian ore company Fortescue Metals Group Ltd.

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Posted By : Rabi Wangkhem on Tue, 21 Jan 2020
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