China's iron ore imports may drop next year
It is reported that China’s iron ore imports are likely to decrease next year due to the slowing demand from steel mills.The imports dropped by 22 percent in October to 30.6 million tons as compared to the month of last year.
According to the chairman of the China Metallurgical Mining Enterprise Association, imports will remain at 400 million tons next year.
Moreover, some domestic iron ore mines especially those who set up in recent years are losing money even to close down because of the continuing decrease on prices of raw material.
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