BEIJING, Oct. 19 (Xinhua) -- China imported 250 million tons of iron ore
fines in the first eight months of 2007, a growth of 14.5percent year on year,
according to latest statistics released by the General Administration of
The arrivals were valued at 19.61 billion U.S. dollars, up 43.8percent.
Customs sources said the import price of iron ore fines from January to
August averaged 78.2 U.S. dollars per ton, up 25.5 percent compared with the
same period of last year. The price soared to 89.8 U.S. dollars per ton in
August, up 36.9 percent year on year.
Experts held that the hike of iron ore fines price was mainly triggered by
the rocketing freight cost, which by the end of this June had more than doubled
the year-earlier level. The mounting cost was due largely to the shortage of
international shipping capabilities.
In a related development, the nation's imports of copper ore fines in the
first eight months this year went up 35.9 percent year-on-year to 3.192 million
tons, which were valued at 6.01 billion U.S. dollars, up 63.2 percent.
The average price of the arrivals in the Jan.-Aug. period rocketed to 1,882
U.S. dollars per ton, up 20.1 percent year on year.
The nation has scarce copper ore resources and mainly imports copper ore
from Chile, Peru, Mongolia and Australia to fill up the gap between supply and
According to the latest report of International Copper Study Group, world
supply fell short of demand by 130,000 tons in the first half of this year after
seasonal adjustment. The short supply gives strong support to the copper price
With the brisk domestic demand for copper, industrial insiders predict that
the nation's copper price will continue going up in the fourth quarter of this