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Baosteel, China's largest steel producer, has formed a strategic partnership with China Shipping (Group) (CSC) to secure access to raw materials as freight rates rise, an official newspaper said on Saturday.
The country's second-largest shipper, parent of China Shipping Development, said it would transport iron ore, coal and other raw materials for the steel maker at preferential rates, the Shanghai Daily said.
"We expect to transport 30 million tonnes of cargo annually for Baosteel," CSC official Hong Wenxing was quoted by the English-language daily as saying.
Steel is a pillar of China's construction-intensive economy and major players from Baoshan Iron and Steel to Wuhan Steel Processing Co need to import copious amounts of iron ore - about two tonnes to make a tonne of crude steel. China became the largest iron ore importer last year, shipping in 148 million tonnes, up from 111.5 million in 2002.
But shipping costs, fuelled by China's massive demand for raw materials and a shortage of ships, have hit record highs in the past year.

Copyright Reuters, 2004

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