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China Should Cut Reliance On Imported Iron Ore

CHINA PRESS
MNI (Singapore)

China should diversify its sources of steel resources and cut the dependency on iron ore imports as speculation-driven volatility in overseas iron ore prices erodes profits of domestic steel companies, Yicai.com reported citing analysts. Prices have reached “unreasonable” levels and only 16.88% of the 247 sample steel mills were profitable. China should accelerate its “cornerstone plan” to diversify steel resources from overseas, domestic mines and scrap steel. The price of imported iron ore continued to run at a high level of over USD125 per ton since late October as the market expected higher infrastructure demand at the backdrop of the issuance of additional CNY1 trillion China Government Bonds.

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