Iron ore demand may diminish 60 million tons in 2009

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Post Date: 05 May 2009    Viewed: 874

China’s demand for iron ore in 2009 may decrease 60 million tons, or 21 percent, from last year to 350 million tons, said Zou Jian, president of the China Metallurgical Mining Enterprises Association. He added domestic iron ore output would reach 860 to 880 million tons this year, up 20 million tons. In the first quarter, the country imported 131.53 million tons of iron ore, up 20.86 million tons, or 18.85 percent, year-on-year; produced 166.72 million tons of iron ore, up 4.21 million tons, or 2.6 percent. An increase of 5.04 million tons in pig iron output in the first quarter meant an increase of 7.96 million tons of consumption in charged ore. However, China imported 20.86 million tons more iron ore in the period, indicating a surplus of 12.90 million tons of iron ore supplies. As a result, the average landed price of imported iron ore stood at $80.47 per ton, down $50.53 per ton, or 38.57 percent.