China Concerned over Excessive Iron Ore Imports, Association
[2009-06-03]
China's steel industry will see a glut of raw materials if domestic steel enterprises and international trading companies continue importing iron ore from abroad, warned Luo Bingsheng, executive vice chairman of the China Iron and Steel Association.
Luo predicted that China would have 200 million to 300 million tons of excessive iron ore in 2009 if nothing is done.
China's steel enterprises and international trading companies should consider the risk of overdue imports before making any further decisions, he added.
China is the world's hungriest demander of iron ore imports at the current time. In 2008, it imported 443.66 million tons of iron ores, taking about 52 percent of the global shipment.
April's iron ore imports jumped one-third from the same period of last year to 57 million tons, according to Chinese Customs statistics.
Luo predicted that China would have 200 million to 300 million tons of excessive iron ore in 2009 if nothing is done.
China's steel enterprises and international trading companies should consider the risk of overdue imports before making any further decisions, he added.
China is the world's hungriest demander of iron ore imports at the current time. In 2008, it imported 443.66 million tons of iron ores, taking about 52 percent of the global shipment.
April's iron ore imports jumped one-third from the same period of last year to 57 million tons, according to Chinese Customs statistics.
Source: chinamining.org
Keywords:Iron Ore Steel
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