China to buy more iron ore

Beijing: China is to get more iron ore from the global seaborne iron ore market in the coming months as investment in infrastructure is speeding up.

According to the statistics from the Metallurgical Mines’ Association of China, the nation has become the world’s biggest iron ore consumer and the world’s second-largest producer. However, due to the low grade products and high cost of extraction, China relies highly on imports from other regions.

A spike in iron ore imports last month as inventories at China’s ports dwindled saw the Baltic Dry Index surpass 2,000 points. [21/10/13]

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