iron ore imports are likely to rise 7.1 percent to 1 billion tonnes this year, with the share of top suppliers Australia and Brazil rising to more than 80 per cent, an industry official said on Wednesday.
China’s crude steel production is forecast to drop 1.07 percent to 814 million tonnes this year, with the country’s steel demand already at “peaking stage”, Li Xinchuang, executive vice secretary-general of the China Iron and Steel Association, told an industry conference.
Li expects China’s domestic iron ore supplies to fall by 70 million tonnes this year, adding global iron ore prices could break $60 a tonne, but were unlikely to stay below that level for a long time.
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