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Another bumper year of iron ore imports to China

Another bumper year of iron ore imports to China

Hong Kong: China's iron ore imports may exceed expectations in 2007 by as much as 5% as rising steel output increases demand, said the finance chief of Cia. Vale do Rio Doce, the world's largest iron-ore producer.

China, the world's largest steel producer, may import 400 million metric tons of iron ore, the main steel ingredient, about 5 percent more than previously forecast, Vale Chief Financial Officer Fabio Barbosa said in Sao Paulo at the end of last week. Chinese steel output may rise to 500 million tons, 30 million tons more than forecast, he said.

Barbosa based his estimates on Chinese government tallies of steel production and iron-ore imports for the first four months of 2007. Vale expects to ship 100 million metric tons of ore to China this year, a third more than in 2006, he said. [04/06/07]