The price of iron ore, the main ingredient for making steel, rose to nearly $100 a tonne on Thursday as China announced plans to streamline customs checks.
Starting from June 1, China’s General Administration of Customs said mandatory quality assessments for imported iron ore would be phased out and replaced with a system where buyers would request official inspections.
Australian producers — the world’s biggest exporters of iron ore — immediately welcomed the move, which they said would accelerate clearance procedures. China is the world’s biggest consumer of iron ore and the top producer of steel.
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