SeaTradeAsia reported that China will import around 424 million tonnes of iron ore in 2009 on the back of a 3% increase in steel production to 463 million tonnes for the year.

In its Shipping Outlook for 2009, the Sydney headquartered investment bank estimated that 55% of China"s iron ore will come from Australia, 25% from Brazil and 20% from India.

It forecast that China will increasingly turn to cheaper iron ore imports next year and produce around 100 million tonnes of domestic ore costing around USD 100 per tonnes.