China's iron ore mining outpacing imports, steel output - Commerce Ministry |
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Wed, 31 Oct 2007 04:44
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DALIAN, China (XFN-ASIA) - China's rapid growth in domestic mining of iron ore is outpacing the strong rises in iron ore imports as well as domestic steel output, said Liang Shuhe, deputy director of the Foreign Trade Department under the Ministry of Commerce.Domestic mining of iron ore is already expected to hit a historic high of between 700 and 800 mln tons this year.Speaking at an industry conference in Dalian, Liang said China's mined iron ore could approach levels of nearly half of the expected global output next year of 1.9 bln tons.'Steel and iron ore are the most important industrial sectors in China -- they are pillars of the economy,' Liang said.Local officials and steel executives have been emphasizing rising domestic mining, continued efforts by the country to rein in steel overproduction, as well as urging miners in Australia, Brazil, India and elsewhere to work for a long-term, sustainable 'win-win' relationship between foreign iron ore suppliers and China's steelmakers -- all common themes at this conference as the two sides currently negotiate next year's contract import price.Most industry sources polled by XFN-Asia at the conference anticipate next year's contract price for iron ore to rise anywhere between 35 pct and 100 pct over 2007 levels, with Chinese steel demand showing little signs of any major scaledown anytime soon.andrew.pasek@xinhuafinance.comap/net-xfnwd/xfnntCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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