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Gold/Mining/Energy : Mining News of Note
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To: LoneClone who wrote (19365)5/10/2008 1:08:07 PM
From: LoneClone  Read Replies (1) of 192522
 
China's iron ore price slides in April

tradingmarkets.com

China's iron ore price went on a downward track in April thanks to loose supply.

Monitored by the Ministry of Commerce (MOC), the domestic iron ore price averaged at 1,487.5 yuan/ton in April, down 4.95 percent over March.

MOC attributed the sliding price to supply increase and steel output decreases.

Statistics show that the output of iron ores reached 168 million tons, up 25.1 percent year on year.

Meanwhile, the import of iron ores hit 111 million tons, up 10.5 percent year on year.

However, the steel output reduced on economic deceleration, so that the demand for iron ore fell.

The output of crude steel increased by 8.6 percent year on year, down 13.7 percentage points from a year ago, lower than the growth of iron ore supply.
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