London | China is about to upend the
$US160 billion ($238 billion) iron ore trade with the biggest change in years,
consolidating purchases of the raw material under a single state-owned buyer as
Beijing expands efforts to increase control over the natural resources needed
to feed its economy.
A new state-owned company
called China Mineral Resources Group is
poised to become the world’s biggest iron ore buyer as soon as next year, when
it will begin making purchases on behalf of about 20 of the largest Chinese
steelmakers including leader China Baowu Steel Group, according to people
familiar with the situation.