Feb 29 - China’s Iron Ore Import Dependency Drops Further

Source: Xinhua, Yicai, ChinaScope Financial (Data)

+       WANG Xiaoqi, Vice Chairman of the China Iron and Steel Association, said on February 28 that China’s iron ore import dependency has dropped from 70% in 2009 to 60% in 2011.

+       In 2011, China’s iron ore output was 1.33 billion metric tons, 283 million tons or 27.15% higher year-on-year, sufficient to meet the demand for the domestic production of 65 million tons pig iron.

+       Statistics show that at the end of 2010, China’s output from rights and interests in overseas iron ore mines totaled 150 million tons per year, and this number increased by 30 million tons in 2011. This indicates that China’s dependence on iron ore produced by foreign entities will be reduced in the future.

+       The iron ore trading market is still in a downturn; turnover primarily being in low-grade ores. Data from the General Administration of Customs show that in January, China imported 59.32 million tons of iron ore, a 13.99% year-on-year decrease; the average import price was USD 136.5 per ton, a 9.9% year-on-year decrease.

The growth of iron ore import is decreasing while the growth of domestic output is increasing

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