China's iron ore demand increases in 2004

China’s iron ore demand increases in 2004

The demand of iron ore in China is expected to reach 500 million tons in 2004. This amount includes 320 million tons of domestic production and 180 million tons of imports. However, domestic production of 320 million tons still can't meet the local demand. As a result, the difference is expected to be closed by the imports. China's steel capacity indicates a continuous increase. It seems that this increasing capacity will create a serious issue for Chinese steel companies. China's main iron ore import countries are; Australia, Brazil, India, South Africa and Peru.