Chinese iron ore imports to rise this year

Chinese iron ore imports to rise this year

According to the statement made in a meeting held by the Organization for Economic Cooperation and Development (OECD), Chinese iron ore imports are expected to increase by 15% to 240 million tons in 2005 as the country increases steel output. In addition, Melbourne-based BHP Billiton Plc, Rio de Janerio-based Vale do Rio Doce and London-based Rio Tinto Plc will boost their iron ore mining capacity by more than 150 million tons a year in the next four years to meet higher demand coming from steel producers. The metal output used in washing machines and cars will be increased by 12% to 303 million tons in 2005 and by a further 7% in 2006. Imports of coking coal, another ingredient used in steel making, will also grow by 20% this year.