Iron ore import up 23% in China

According to the statistics from Chinese customs, iron ore imports of the country increased 23 percent year on year to 161.38 million metric tons in January-June 2006 period. The iron ore imports only in June increased 30 percent year on year or 17 percent month on month to 28.73 million metric tons. Meanwhile, the domestic iron ore production of the country is also high with 191.24 million metric tons in January-May 2006 period, up 31.5 percent year on year. However, average iron ore price has recently dropped below $60/mt, the lowest level since December 2005, mainly because of the high iron ore inventory at ports which is over 40 million metric tons.