China Industry Official Sees Iron Staying at $80

According to Reuters, Li Xinchuang, deputy secretary general of the China Iron and Steel Association, sees iron ore prices hovering around $80 per tonne, calling for slowing growth from China’s steel sector. The official saw China steadily producing 800 million tonnes of crude steel per year for the next ten years, putting a limit on its need for iron.

As quoted in the publication:

China, which buys around two-thirds of the world’s iron ore, imported 74.9 million tonnes in August, down 9.3 percent from the previous month, but up 8.5 percent on a year ago.

Li said the country’s iron ore imports may hit 900 million tonnes this year, up about 10 percent from 2013, and potentially exceeding that level if prices continue to slide.

Click here to read the full article.