Item from last week – so not new news, just a bit of weekend catch-up:
China plans to scrap its decade-old iron ore import licensing system this year
From unnamed sources
This could cut costs for Chinese steel mills by eliminating licensed middlemen charging commissions for imports
Opens up access to iron-ore, especially for smaller mills
May reduce the pricing power of iron-ore miners as pricing should become more transparent
Of the major-traded currencies this could be most impactful on the Australian dollar. There could be bearish implications as it reduces the pricing power of iron-ore miners, but of course, any reduction in prices could spur increased demand (of course, there are other factors at work in the Chinese demand for resources).