China’s iron ore import dependency hits 69%

Zhu Hongren, spokesperson for the Ministry of Industry and Information Technology (MIIT) reported that China imported a total of 630 million tons of iron ore in 2009, up 41.6 percent year-on-year, and the iron ore import dependency ratio has increased from 44 percent in 2002 to 69 percent.

The press release is quoted as saying:

Last year, the China Iron and Steel Association stated at the beginning of negotiations that Australia and Brazil should cut ore prices by 45 percent and 40 percent respectively.

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