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China Knowledge reports according to China’s new steel industry blueprint for its 12th 5-year Plan estimates it could go as high as 1.13 billion tonnes over the next three years:
Last year, China consumed 920 million metric tons of iron ore. The country imported 618 million metric tons of iron ore from 40 countries last year, which accounted for 67% of the total consumption, up from 35% ten years ago.
In the first ten months, China’s iron ore imports grew 10.9% year on year, and its domestic output of the mineral grew at a fast pace of 26.4%.
During October the price of iron ore fell by $60 from record highs above $180 on fears of slowdown in demand from China, the world second biggest economy and number one steel importer, but has since recovered to trade around the $140/tonne level.
2 Comments
Solid Rok
China interest in importing iron has gone global. Bao steel has been in Mexico looking at junior mining operations and possibly investing in long term contract with Cotton western mining who recently started shipping iron in the 65%-68% range. If demand for iron continues to increase at 10% per annum prices should rebound back up to 180-200 per ton for 62% for 2012 and 2013 and stay in that range until Western Pilbara operations step up in 2014.
Milner
Canada has great potential for future Iron ore deposits,especially in the province of Quebec.