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Ministry: China to import more iron ore
October 18, 2013, 9:13 am


China imported a record 74.58 million tons of iron ore in September [Xinhua]

China is likely to import more iron ore in the coming months, according to Ministry of Commerce Spokesman Shen Danyang.

Iron ore is the key ingredient in steel-making and is the world’s second most traded commodity after oil.

Crude steel output rose at its quickest pace this year as the Asian nation boosted investment in infrastructure.

China imported a record 74.58 million tons of iron ore in September driven by robust steel production.

The figure was up eight per cent from August and 15 per cent from a year earlier, customs data showed.

Shen added that imported commodities other than iron ore will also see continuous growth in the coming months as China’s recent economic pickup significantly strengthens import growth.

China is the world’s largest steel producer and consumer with an annual consumption of more than one billion metric tons.

The nation’s ruling Communist Party has announced a 40 trillion yuan ($6.4 trillion) urbanisation programme to boost economic growth in the country.

A string of new data indicating a rebound in the Chinese economy was published on Friday.

The country’s gross domestic product growth accelerated to 7.8 per cent in the third quarter.

Beijing is trying to reshape the economy so that it is driven by consumer demand, rather than investment, credit and exports.

Source: Agencies