Iron Ore Imports to Remain High into Q3 – Analysts
06-15 18:18 Caijing
Full article in Chinese: http://www.caijing.com.cn/2009-06-12/110183400.html
» China will continue to import iron ore at a higher rate than last year despite a 6.2 percent month-on-month fall in May, when China imported 53.46 million tons of the raw material, analysts said June 12.
» Iron ore imports will not fall significantly because imports are still competitive compared to domestic iron ore prices, Hu Kai, an analyst with Umetal, told Caijing.
» Another Umetal analyst, Du Wei, said that imports in June and July may still fall because of June's seasonal closure of ports along the west coast of India, the source of 22 percent of China's imported ore, although the fall is likely to be small.
» He added that there may also be production cuts by domestic steelmakers as China tries to negotiate an iron ore price reduction of at least 40 percent with global miners.
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