China Paying More for Iron Ore Imports
Published:
2011-05-30
According to data released by the China Iron & Steel Association (CISA), China paid 85.7 billion yuan more for iron ore imports in the first four months of this year when compared to the same period last year. According to CISA, this figure is 2.6 times the profits earned by the country's steel industry over the same period. Luo Bingsheng, CISA's deputy Party chief, told a forum this past weekend that current iron ore prices were "sky high" and that they could not remain at this level indefinitely. China imported 230 million tonnes of iron ore between Jan and April at an average price of 157.6 US dollars a ton, a 57% mark up on the average price paid over the same period last year.
Source
Oriental Morning Post
Google translation
Source
Oriental Morning Post
Google translation
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