China imported 250 million tons of iron ore fines in the first
eight months of 2007, a growth of 14.5 percent year on year,
according to latest statistics released by the General
Administration of Customs.
The arrivals were valued at US$19.61 billion, up 43.8
percent.
Customs sources said the import price of iron ore fines from
January to August averaged US$78.2 per ton, up 25.5 percent
compared with the same period of last year. The price soared to
US$89.8 per ton in August, up 36.9 percent year on year.
Experts held that the hike of iron ore fines price was mainly
triggered by the rocketing freight cost, which by the end of this
June had more than doubled the year-earlier level. The mounting
cost was due largely to the shortage of international shipping
capabilities.
In a related development, the nation's imports of copper ore
fines in the first eight months this year went up 35.9 percent
year-on-year to 3.192 million tons, which were valued at US$6.01
billion, up 63.2 percent.
The average price of the arrivals in the January-August period
rocketed to US$1,882 per ton, up 20.1 percent year on year.
The nation has scarce copper ore resources and mainly imports
copper ore from Chile, Peru, Mongolia and Australia to fill up the
gap between supply and demand.
According to the latest report of International Copper Study
Group, world supply fell short of demand by 130,000 tons in the
first half of this year after seasonal adjustment. The short supply
gives strong support to the copper price hike.
With the brisk domestic demand for copper, industrial insiders
predict that the nation's copper price will continue going up in
the fourth quarter of this year.
(Xinhua News Agency October 20, 2007)
