In the near term, falling steel demand across the world both
from the slowdown in China and the West and the questions over the BRI will
prompt China to look for other means to sustain its massive steel industry,
perhaps by dumping
On July 19 this year, China quietly launched the China
Mineral Resources Group (CMRG), a company with a registered capital of about
US$ 3 billion. Its mandate includes everything from mining, ore
processing, and trading in minerals and ores. It’s a typical Beijing move, one
that could have massive implications not just for global iron ore trading but
also for the world’s steel industry—the backbone of industrial manufacturing
activity. The CMRG’s key tasks will include both buying and managing mines
across...