Luo Bingsheng, deputy secretary of the China Iron and Steel Association, said in Shanghai on the 29th that the average price of imported iron ore in China in the first four months of this year was $157.6/ton, a year-on-year increase of 57%. According to the iron ore import volume of 230 million tons in the same period, only the iron ore price increase, the Chinese steel industry will cost nearly 13.2 billion US dollars (in total, 85.7 billion yuan). At the same time, in the first four months, China's large and medium-sized steel enterprises only achieved a net profit of 32.98 billion yuan, down 2.12% year-on-year. This means that the cost of the Chinese steel industry is 2.6 times its own profit. At present, there are three price indices mainly referenced by international mines, all of which are prepared by foreign institutions. Luo Bingsheng said in an interview with reporters: "On the issue of the introduction of China's iron ore price index, the association is studying and there is no specific timetable."
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