Four iron ore giants (Vale, Rio Tinto, BHP and FMG) dominate the global market with their ultra-low-cost production, said China Metallurgical News (CMN) in its latest report on Thursday, who is affiliated to Ministry of Metallurgical Industry and State Bureau of Metallurgical Industry respectively.

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It also pointed out that the cost competitiveness of China domestic-produced iron ore is in urgent need of improvement. And China should make good use of the steel scrap resources, reducing the external dependence on iron ore.

Meanwhile, it also stressed that China should break the through the dilemma of iron ore pricing

In order to break through the dilemma of iron ore pricing China faced in the future, the country must pay attention to the game in the iron ore financial market and focus on breaking the two-track relationship between futures and Platts-dominated spot markets, and make simultaneous efforts in both the financial and spot markets, curbing the sharp rise and fall of iron ore prices and effectively guiding the product to operate within a relatively reasonable price range.

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