CISA warns on blind iron ore imports

China Iron and Steel Association (CISA) warns the steel industry on blind iron ore imports, claiming that the current iron ore inventory in China reached 60 million tons. According to the data from CISA, China imported 80.9 million tons of iron ore in the first three months of this year, up 27.7 percent over the same period of last year. Furthermore, iron ore inventories at 18 major ports reached nearly 39 million tons at the end of the first three months according to the same data. CISA forecasts a 48.8 million ton increase in China's iron ore demand, and iron ore imports would be required only 25.9 million tons of that. Meanwhile, major iron ore miner Rio Tinto thinks that China will need much more iron ore imports than that figure.