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Industry confused with surging iron ore imports

(Agencies)
Updated: 2009-06-28 16:35

China's iron imports in the first five months. Source: China Customs

China, the world's largest iron importer, may face an iron ore surplus this year after imports exceeded demand, said official from China Iron & Steel Association.

"The risk of over-importing is building," said Luo Bingsheng, vice chairman of the association, and the global surplus may be between 200 million tons and 300 million tons this year, he said.

Latest statistics of Customs, China imported 53 million tons of iron ore in May, down from the 57 million tons in April.

China's steel producers are still in talks with iron ore suppliers and they are implementing a "new plan" for the discussions, which should be completed by the end of June, Luo said.

But the surging imports weakens China's position in the iron ore talk and affect the recovery of China's steel industry. Insiders also said the increasing steel import would blind people's prediction on China's future economy growth.

The country's major ports unloaded 24 percent more of the imported steelmaking ingredient in April from a year ago, a record for a second month. Ships dropped 53.5 million tons of iron ore at major ports, the Ministry of Transport said May 6, which was higher than the March record of 51 million tons.Stockpiles at the nation's major ports reached 62 million tons in April, said the Ministry.

Imports for that month jumped 33 percent to 57 million tons from a year earlier, China's Customs said May 12.

Almost 40 percent of China's 72 biggest steel mills had losses in April, the Ministry of Industry and Information Technology (MIIT) said May 22. combined loss of steelmakers totaled 5.2 billion yuan in the first four months,which forced the MIIT recently to ask the country's smelters to cutdown steel output.