It is revealed that China will scrap the Iron Ore Import Licensing System gradually and seek its total abolishment in the second half of the year. Furthermore, China Chamber of Commerce of Metals, Minerals and Chemicals Importers and Exporters (CCCMC) and China Iron and Steel Association (CISA) will no longer supervise the Import Licensing System as had been the case previously. Anbound research team points out that China may deregulate staple commodity imports in the future in order to encourage private players to enter into the industry.