At the 2nd International Infrastructure Investment and Construction Forum held on May 26-27 in Beijing, Li Xinchuang, deputy secretary-general of the
China Iron and Steel Association (CISA) and president of the
China Metallurgical Industry Planning Institute, stated that during the past seven years
iron ore prices have increased sevenfold in
China, whereas the price increases for steel have lagged far behind the increases in
iron ore prices. Mr. Li said that
China's overdependence on
iron ore imports is the main reason why
iron ore prices in the country have soared to such an extent. In addition, he added that at the same time the Chinese steel industry was under pressure to reduce its energy consumption and emissions.
On a more optimistic note, Mr. Li said that in the January-April period of this year
China exported 15 million mt of steel, up 17.3 percent year on year, which not only indicated the positive situation in the global steel market, but was also evidence of the relatively strong global competitiveness of the Chinese steel industry.