China plans state-sponsored platform to buy iron ore

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China's latest bid to curb soaring iron ore prices is a plan to allow global suppliers to negotiate

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sales to the world's largest market through a centralized platform. Beijing wants to buy all the steelmaking materials it operates through a single state-sponsored platform, which is being prepared. As people know, at the moment, Chinese businesses including steel mills can negotiate spot purchases freely.

The plan aims to maintain long-term stability of the steelmaking mix. And it's part of a broader focus on boosting China's influence on commodity prices, people said. The spot market for iron ore is relatively small. But the prices there determine how much the steel mill will pay in the long-term contract.

China produces more than half of the world's steel. And last year's iron ore imports were worth nearly $180 billion. Its steel industry has long complained about the price power it says a handful of international mining giants hold. Officials are also keen to ward off inflation as Beijing rolls out stimulus measures in 2022 that could reboot steel demand.