According to the Xinhua News Agency on September 3, South Africa's Minister of Trade and Industry Rob Davis said on the 2nd that the South African government is concerned about the changes in steel prices and plans to introduce measures to ensure that domestic steel products have internationally competitive prices.
Prior to this, the South African Ministry of Economic Development and the Ministry of Mineral Resources had established a joint working group to conduct research and evaluation of the iron ore and steel market.
According to local media reports, South Africa's Kumba Iron Mining Company and steel producer ArcelorMittal South Africa had a dispute in May this year. The Kumba iron ore mining company unilaterally raised the price of iron ore and was rejected by the latter. Kumba Iron Mine also proposed that ArcelorMittal be compensated in the form of a surcharge, but the two sides have not yet reached an agreement.
The Ministry of Trade and Industry of South Africa stated that the government will not intervene in the business activities of the company. However, at present, the price of steel in South Africa has greatly exceeded the international average level. Further rise in steel prices will inevitably affect the overall economy of South Africa. The South African government will pay close attention to the development of the situation.
Davis said that if necessary, the government will use policy leverage to intervene in the pricing mechanism of steel products to protect the steel downstream industry from international competitiveness, but he declined to disclose what form of government plans to take.
The South African Parliament’s Trade and Industry Investment Committee** Luis Forbes said that a hearing should be held to hear the industry’s opinions on steel prices. Forbes said that the committee is considering the establishment of relevant laws and regulations, forcing the steel industry leader ArcelorMittal to implement the more beneficial steel prices for the economic development of South Africa.
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