Reports that China is planning to create a single platform for buying iron ore has generated some consternation within the industry. While there is no doubt that China is constantly seeking ways to reduce its dependence on Australian iron ore its latest idea is unlikely to fly.
Alarm bells rang within the sector after Bloomberg published a report last week saying China wanted all purchases of steelmaking materials to be negotiated by a single state-backed platform. Such a platform, it said, was being developed.