Major Chinese steelmaker Baosteel said that its production of pig iron was at a relatively high level in the April-June period this year, resulting in strong demand for iron ore, which bolstered ore prices to some extent, while demand for iron ore from downstream users slackened in the May-April period compared to the April-March period.
Baosteel stated that its annual iron ore procurement generally amounts to 80 million mt, mainly from the four major miners in the global market. The steelmaker said it aims to increase iron ore procurement to 100 million mt in the future.