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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (3324)	7/6/2004 6:48:23 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

China cuts back on ore imports July 7, 2004 Page Tools Email to a friend Printer format Chinese iron ore contract prices have nearly halved over the June quarter but analysts have said the fall-off would not last, with demand expected to rebound as fears of an economic downturn ease. And while consolidation of the Chinese steel industry was expected in the long term, in the short term, suppliers would retain the upper hand in price negotiations, analysts said. China is now the world's largest producer, consumer and importer of steel and its surging steel production now accounts for 36 per cent of global iron ore demand. Its appetite for iron ore enabled BHP Billiton, Rio Tinto and the other iron ore producers to secure a hefty 18.6 per cent increase in the US dollar prices for shipments in 2004-05. BHP was up 16c to $12.64 yesterday and Rio up 20c to $35.90. But recent tremors in the Chinese economy have unnerved the market as its iron ore imports retreated from more than 19 million tonnes a month in March to 13.2 million tonnes in May. smh.com.au