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    Brazil to expand share in China’s iron ore imports
    February 5, 2015, 6:00 am

    Freighters load iron ore at the Rizhao Port in Shandong province [Xinhua]

    Freighters load iron ore at the Rizhao Port in Shandong province, China [Xinhua]

    Brazil will substantially expand its share in China’s market for the millions of tonnes of iron ore imports this year, say officials.

    Li Xinchuang, executive vice secretary-general of the China Iron and Steel Association, said on Wednesday, imports from Brazil and Australia will expand to more than 80 per cent this year from 77 per cent in 2014.

    China’s iron ore imports is expected to hit 1 billion tonnes this year.

    Brazilian Vale, the world’s biggest iron ore producer, is among the suppliers most likely to benefit as China’s own iron ore supply is likely to fall by 70 million tonnes this year.

    Vale said last year it will push ahead with a big expansion project if prices for the bulk commodity keep falling, because its low-cost tonnes will push others out of the market.

    The Brazilian giant is constructing of a $19.49 billion expansion in the Carajas region of Brazil, which when completed is likely to increase production by about 90 million tonnes, and push the company’s total production above 400 million tonnes by 2017.

    China is Brazil’s biggest trade partner, with bilateral trade between the two reaching $83.3 billion, up 10 per cent in 2012, and is estimated to have exceeded $90 billion in 2014.

    The relationship between China and Brazil has “a promising future”, Chinese President Xi Jinping told his Brazilian counterpart Dilma Rousseff on the sidelines of the Group of Twenty (G20) Summit in Australia.

    Earlier last year Xi and Rousseff signed 32 agreements in commerce, education, civil aviation and energy, including a deal that will see Brazilian company Embraer sell 60 E-190 jets to China.

     

     TBP and Agencies

     

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