China To Investigate Record Apr Iron Ore Import Levels -Assoc
May 14 2009 - 5:10AM
Dow Jones News
Chinese steel industry officials plan to investigate a recent
spate of record monthly iron ore imports, the China Iron and Steel
Association said Thursday.
The association's deputy secretary-general, Qi Xiangdong,
confirmed investigations were under way, but declined to provide
further details.
Secretary-general Shan Shanghua, an advocate for a heavily
fragmented industry, has blamed global miners for the high level of
imports, which is threatening steel prices and the pace of China's
economic recovery.
He told Chinese media Wednesday that, other than small mills,
the "Big Three" miners - referring to Companhia Vale do Rio Doce
(RIO), Rio Tinto Plc (RTP) and BHP Billiton Ltd. (BHP) - were
importing iron ore into China themselves even though no large mill
was buying the ore.
"The amount of ore that small mills buy can't be enough that it
would result in such large import levels," he said. "This sort of
import volume fakes the level of demand in our country, and it's
not good for the iron ore price talks."
-By Chuin-Wei Yap and Juan Chen, Dow Jones Newswires; 8610 6588
5848; chuin-wei.yap@dowjones.com, juan.chen@dowjones.com