China's
iron ore imports from
Iran may decline from March this year as Iranian
iron ore exports may be disrupted by international sanctions, traders have stated as reported by the
China-based Hexun Weibo news agency. On Monday, February 6, the US tightened sanctions against
Iran due to concerns over
Iran's nuclear program, ordering tough new penalties to give US banks further powers to freeze assets linked to the Iranian government and close loopholes
Iran is alleged to have used to move money despite earlier restrictions imposed by the US and Europe.
In 2011,
Iran exported 17 million mt of
iron ore to
China, ranking fifth among
China's biggest
iron ore suppliers. However, some traders expect
China's imports to drop in the coming months given that sanctions may affect delivery and payment.
China's
iron ore imports in 2011 totaled 686 million mt, with 2.4 percent coming from
Iran.