Minmetals reduces iron ore imports on falling price
China’s metal trading company Minmetal said on Wednesday it has cut imports of iron ore on lower price.
As China’s iron pre prices have dropped to a level from a record high this spring. Now the contract spot price is down more than the price from Australia and Brazil. Minmetals also said it could change its sources to face this impact.
Minmetals is planning to import about 10 million tons of iron ore to China in 2008.
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