It is reported that the CISA (China Iron and Steel Association) will soon publish supplements for the self-regulation convention of China’s iron ore imports, which were first issued in February.

According to a CISA insider, the supplements will set stricter standards for iron ore import orders, which will involve the list of the 70 steel plants and 42 traders licensed for import.

Obviously, China is stepping up measures to curb surplus imports and prevent hoarding of iron ores for speculative purposes, which will help China during the annual iron ore negotiations with the world’s iron ore suppliers.

Xu Xiangchun, a senior analyst with MySteel, said this signals that related government departments will probably post more regulations concerning the country’s iron ore import market, so as to build a fairer trading environment for the domestic market.

Currently, speculative iron ore imports are pushing domestic demand out of equilibrium.

China’s iron ore imports in October dropped almost 30 percent on month to 45.47 million metric tons, according to the latest statistics from China Customs.