In the January-April period of the current year, China spent RMB 85.7 billion ($13.2 billion) more than the same period last year on iron ore imports.
Luo Bingsheng, vice chairman of the China Iron and Steel Association (CISA), said that China's average import price of iron ore in January-April of the current year was $157.6/mt, up 57 percent on year-on-year basis. China's import volume of iron ore amounted to 230 million mt in the period in question.
At present, despite the increase in China's overall iron ore import volume, the share of iron ore imports from Brazil and Australia is decreasing. New sources of iron ore imports, such as the Philippines and Chile, have emerged. High iron ore prices are now attracting global iron ore resources towards China. As supply increases, international iron ore prices may see a downward correction.