At an international symposium held in Shanghai on March 22, Zhang Changfu, vice chairman of the China Iron and Steel Association (CISA), stated that a new import iron ore pricing system should be formulated to create a win-win situation for both the steel and iron ore sectors. He stated that, as essential parts of the steel industry chain, iron ore producers, traders and steel enterprises should hold a long-term view. If they only pursue short-term profits and greatly push up prices, leading to large profits for one side and significant losses for the other side, this will not only prevent market development and but will also undermine long-term profits. Mr. Zhang has also stated that the global supply-demand relationship in the iron ore market has changed, with oversupply now observed.