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Iron ore price hikes
www.chinanews.cn 2005-03-24 14:03:58
The State Information Center predicted in its report that 71.5% price
hikes in April will place great pressure on China's steel makers,
especially small and medium-sized companies. In recent years, China's
steel output has maintained rapid growth, resulting in greater dependence
on iron ore imports. In 2003, China replaced Japan as the world's top
importer of iron ore. In 2004, China's steel output totaled 272 million
tons. Its iron ore import rose 40.5% year on year to 208 million tons,
accounting for 50% of China's total iron ore consumption. Import will
keep rising in 2005. Photo: A gigantic Mid-East ship is unloading iron
ore in a Chinese port.
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