China mining group sees higher Q4 iron ore imports
Source : Reuters Africa
Published Date : Oct 21, 2010
China's iron ore imports are expected to rise for the rest of the year as steel mills embark on a period of restocking, a mining association official said on Thursday.
Xu Xu, the chairman of the China Chamber of Commerce of Metals, Minerals and Chemicals Importers and Exporters, said inventories were already running low.
"Chinese domestic steel mills have curbed purchases because of previous high inventories and prices, and now they need to replenish as stocks and prices fall, which will support iron ore imports for the fourth quarter," he said.
The China Iron and Steel Association (CISA) said earlier this year that high imported iron ore prices would serve to encourage local miners to step up production.
China produced a total of 93.55 million tonnes of iron ore in September, up 9.4 percent year on year but down 6.1 percent compared with August, figures from the National Bureau of Statistics showed on Thursday.
Total domestic ore output over the first nine months rose 25.9 percent to reach 780.24 million tonnes, but iron content in China is generally far lower than overseas.
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