Posted on 04 Dec 2009
Iron ore exports surge on Chinese demand
India’s iron-ore exports in October more than doubled from a year earlier on higher demand from
China, the biggest buyer of the steelmaking material.
Overseas sales rose to 9.32 million tonne in October from 4.26 million tonne a year earlier, the Federation of Indian Mineral Industries said. Exports increased to 53.22 million tonne in the seven months ended October 31 from 44.06 million tonne a year earlier, it said. China, the world’s largest consumer of iron ore, may import 70% of its iron ore requirements this year, compared with 50 percent from a year ago, Baosteel Group Corp. Chairman Xu Lejiang said.
China’s steelmakers are buying more iron ore as the government implements a $586 billion stimulus package to revive growth. China’s economy is forecast to expand 8.2 percent this year, compared with a March estimate of 7%, the Asian Development Bank said in September.
