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STEEL |
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China lifts import restrictions on steel and other commodities:
BEIJING (AFP) - China has announced it has lifted restrictions on the import of steel, natural rubber, wool, acrylic fibers and plywood according to its obligation to the World Trade Organisation, state media said.
"All eligible enterprises can import the five commodities (from now on)," Xinhua news agency quoted the Ministry of Commerce as saying on Saturday.
Major uses:
The products are open to free trade as from Saturday, the third anniversary of China's entrance of the WTO, according to its agreement with the trade body in 2001, said the Ministry of Commerce website.
Before the relaxation, the Chinese government authorised only a limited number of companies to act as agents for restricted import and export.
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| Incorporated in Geneva in 1997, Leman Commodities, a major international trader of steel and other metals, unveiled its new name to the press in Geneva on 4th December 2007. Leman Commodities is a member of the Metinvest Group, which itself belongs to System Capital Management, a holding company which is one of the Ukrainian economy's driving forces, with some 160,000 employees. |
| Major producers continue: |
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| The world's largest steel producing company is Mittal Steel,
based in the Netherlands, which produced 63.0mt in 2005, followed by Arcelor S.A.
of Luxembourg, producing 46.7mt. The recently announced merger of the two will
result in a combined group, Arcelor Mittal, which would produce about 10% of the
world's steel. Steel prices are determined by long-term physical contracts. There are
currently no futures contracts traded on steel, although the London Metal Exchange
is giving active consideration on their introduction. |
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