Diversify iron ore sources: Minmetals

China Minmetals, the country's largest State-owned metals trader, has urged industry leaders to diversify iron ore supply and improve negotiation tactics to reverse China's unfavorable position in global iron ore deals.

"Chinese steel mills seeking lower prices (of iron ore) should think more about reducing dependence on the three global miners," Zhang Ye, vice-general manager of China National Minerals Co Ltd (MINCO), a wholly owned subsidiary of China Minmetals, told China Daily yesterday.

His remarks come at a time when China's steel industry is facing a de facto breakdown in iron ore negotiations for the year, while the outlook for next year's talks seems gloomy at best.