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China's iron, copper ore imports up with freight, demand surge

Monday, 22 October 2007

China imported 250 million tons of iron ore fines in the first eight months of 2007, a growth of 14.5 percent year on year, according to latest statistics released by the General Administration of Customs.

The arrivals were valued at 19.61 billion U.S. dollars, up 43.8 percent.

Customs sources said the import price of iron ore fines from January to August averaged 78.2 U.S. dollars per ton, up 25.5 percent compared with the same period of last year. The price soared to 89.8 U.S. dollars per ton in August, up 36.9 percent year on year.

Experts held that the hike of iron ore fines price was mainly triggered by the rocketing freight cost, which by the end of this June had more than doubled the year-earlier level. The mounting cost was due largely to the shortage of international shipping capabilities.

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