BEIJING, May 6 /PRNewswire-Asia/ -- Himfr.com (http://www.frbiz.com/industrial-supply/ ), one of China's leading B2B search platforms with more than 30 B2B industry websites to its name, discusses the iron ore market.
This year the demand for domestic iron ore is not optimistic and will be down from last year. China's iron ore imports this year will also be reduced.
The global economic recession has seen a decline in steel demand. China's iron ore stocks were at 70 million tons last month. Usually the level is at 30 million tons. It is expected that this year, domestic iron ore production will reach 860 million tons ~ 880 million tons, a slight increase over the previous year.
Although there is an increase in domestic production, the import of iron ore has also seen a substantial increase while domestic resource supply is greater than demand. Himfr received information that 131,525,300 tons of iron ore were imported during the first quarter of this year, an increase of 18.85 percent over the same period last year. In March, 52,080,200 tons of iron ore were imported, creating a single-month import record and an increase of 45.96 percent compared to the same period last year.
Pig iron production in the first quarter saw year-on-year increases of 5,039,000 tons and the first quarter year-on-year increase in imports of iron ore was 20,861,100 tons. With a quarter of domestic extract powder production increasing, the furnace of domestic ore is obviously in a state of oversupply.
The first quarter of the integrated average value of imports of iron ore is 80.47 U.S. dollars / tons, down 50.53 U.S. dollars, compared with the same period of last year. Due to the international market for iron ore supply and demand, the price of imported ore was drastically dropped in the overall trend.
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