China Needs to Further Diversify Iron Import Sources: Times

There is a growing consensus that China needs to accelerate its iron ore diversification push, as at least 60% of its imports come from Australia, the Global Times said. In the first half, China's trade with South Africa and India both soared, and the iron ore trade was likely a big contribution, the newspaper said. Improving the utilization rate of steel scrap is also a necessary move to reduce dependency on iron ore imports, the newspaper said. China's iron ore imports reached 89.42 million tons in June, down 0.4 percent from May, while the value grew 7.43% to $16.78 billion, indicating urgent need for the diversification, the Times said.