China’s National Development and Reform Commission (NDRC) appealed to importers to look for more sources and boost domestic production of iron ore. China imports iron ore from 35 countries while 60pc of it comes from Australia.
NDRC noted that Australia would be at risk of losing trade if China manages to source iron ore from other countries.
China is planning to support domestic firms to boost exploration of iron ore, shared NDRC spokesperson, Jin Xiandong. Speaking about the sharp rise in iron ore prices recently, NDRC said that PPI growth would be expanding soon.
Xiandong supported NDRC’s decision of not participating in the China-Australia Strategic Economic Dialogue. He urged Australia to treat Chinese companies fairly, end the disruption of bilateral trade and investments, and take actions to bring bilateral relations on track.