Zhu Jimin, the new chairman of the
China Iron and Steel Association (CISA), has stated that 62.5 percent of total Chinese domestic
iron ore consumption in 2010 was accounted for by imports.
Mr. Zhu also said he expected that domestic steel prices would likely continue their uptrend due to the increase in
iron ore costs, thus reducing the competitiveness of Chinese steel products in the international market.
He added, "To resolve this problem,
China should reduce its dependence on imported
iron ore while improving steel grades."
Mr. Zhu also expressed the view that import prices of
iron ore will continue to be settled through negotiations with the leading miners in the future.