China has abolished a system that previously required a license to import iron ore, Bloomberg reported, citing industry insiders. Wang Chunsheng, chief iron ore trader at Beijing-based steel firm Shougang Group and a former official with the state-backed industry group, said the move would help small and medium enterprises gain access to raw materials. The rule change might also make it cheaper to import ore, said Zhu Dingfa, vice president of purchasing at China Railway Materials trading, who also confirmed that the system had been abolished. The price of iron ore for immediate delivery rose 1% in Tianjin to US$112 on Thursday, according to The Steel Index.