BEIJING TO SCRAP IRON ORE IMPORT LICENSING SYSTEM

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June 18, 2013

BEIJING - The Chinese Government says it will scrap a decade-long iron ore import licensing system that should see an increase in iron ore imports and improve access to raw materials for small and medium enterprises. Iron ore traders will now need only the same routine licenses that are issued to other importers and will no longer need approval by government-backed industry bodies such as the China Iron and Steel Association.