Metalnewsnet 26 Mar:

Chinese steel giant Shougang Corp said that China may import 610 million tonnes of iron ore in 2010, near the 2009 record, as mills continue to expand on the government’s stimulus spending.

Mr Zhu Jimin chairman of Beijing based Shougang at the Asia Mining Congress in Singapore said that Chinese steel demand may grow by 8% to 10%.

He told “The Chinese government is facing a dilemma of whether to pare back the stimulus or to continue and to what extent. The decision will impact Chinese steel demand growth this year.”

Mr Zhu said that total iron ore consumption in China in 2010 may be about 960 million tonnes, with 350 million tonnes coming from domestic mines.

Chinese iron ore imports soared by 42% YoY to a record 628 million tonne in 2009. Steel production in China last year rose by 14% YoY to a record.

Shougang is China’s seventh biggest steelmaker by output in 2009.

(Sourced from Bloomberg)