China’s iron ore import volume in 2010 decreased for the first time in years to 618.6Mt, and the ratio of dependence on foreign iron ore resources is thought to be at 60%, according to reports from the China NewsBusiness.
From January to November, the import volume of iron ore was 560Mt, a decrease of 6Mt compared with the same period in 2009, said Luo Bingsheng, deputy director of the China Iron &Steel Association.
With the continual price rise of the metal, China sees itself in a difficult position and is forced to fuel up self-production.
In the past 10 months, China’s amount of self-yielded iron ore was 870.94Mt, an increase of 24.4% y-o-y basis.
