Panaji, Nov 17: In the backdrop of a slump in demand for the iron ore in his country, a senior Chinese embassy official today underlined the need to establish long term trade agreements and a new pricing system with India for maintaining demand and supply equilibrium.
Peng Gang, Economic and Commercial Counsellor of the Chinese Embassy in India, said Indian iron ore exports to China have declined to 15 percent in the first half of this year, as against 25 per cent in 2005.
Gang was speaking at the international conference on Iron Ore and steel Making Raw Materials’ here.
Observing that it is imperative to maintain a transparent and stable policy system of mining, trading and export, he said, “both sides might try to establish a long-term iron ore trade agreement with a new pricing system, with the purpose of establishing a long and stable supply and demand relationship”.
From: http://ping.fm/TJ5PC
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