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China''s Dependence on Imported Iron Ore Rose to 69% – 31 Jan 10

UMETAL-CHINA, Mr. Zhu Hongren, chief engineer of Ministry of Industry and Information Technology, disclosed that China imported 630 million tones of iron ore in 2009, up by 41.6% from one year earlier, and dependence on imported iron ore increased from 44% in 2002 to 69% of 2009.
  
On January 8, Indian iron ore (Fe63%) increased to US$134/tonne CIF. Mr. Zhu also predicted iron ore price talks are a cooperate self-discipline, price should be decided by market, and presently Baosteel has been negotiating on behalf of China's steel industry.

"We hope that the major iron ore miners would focus on the industry's long-term and fundamental interests, as well as the long-term friendly cooperation with Chinese steel industry, and both parties can reach a fair and reasonable price as soon as possible," said Mr. Zhu, who also added, the Ministry will coordinate with relevant departments to support CISA and CCCMC who unite to negotiate iron ore price, and will put iron ore imports on recording system, review the flow of imported iron ore, reduce the internal disorder and avoid disorderly competition.

He also thought China’s 5 billion tones of iron ore reserves will be of great significance to alleviate the supply-demand condition in the future. (US$ 1=RMB 6.8278; Source: National Business Daily; Compiling by
Helen Liu)

Jan 31, 2010 10:54
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