Deng Qilin, president of the China Iron and Steel Association (CISA) and also general manager of Chinese steelmaker Wuhan Iron and Steel Co. (WISCO), stated on February 6 that efforts would be made to strengthen discipline in China's iron ore importing activities so as to improve China's efforts at the annual iron ore price talks. In this context, Mr. Deng said that speculation on iron ore imports should be punished by the government.

The CISA official said that China would actively implement an agent system for importing iron ore so as to regulate the quality, quantity, price and trade flow of imported ore.

"Those who seriously disturb the market order for imported ore by speculating on imported ore and making great profits should be punished by the government," said Mr. Deng.

Meanwhile, Deng also emphasized that China would by various means make active efforts to build up its overseas base for stable iron ore supplies and would support domestic miners in carrying out exploration for iron ore in China.