Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: RealMuLan who wrote (5597)	12/6/2005 3:19:52 PM
From: RealMuLan	Read Replies (2) \| Respond to of 6370

[HoHoHo]--China's slashing of iron ore imports to hit Indian exports BEIJING: China's decision to sharply reduce import of iron ore is likely to hit India badly since the item accounted for over 57 per cent of the South Asian country's exports to the communist giant. An official with the Chinese Ministry of Commerce has forecast that China will import only about 35 million tonnes of iron ore in 2006, a sharp fall from this year's expected import of 264 million tonnes, which accounts for 41.6 per cent of the global ir on ore trade. The official cited the import cut to China's current macro-control policy, which has resulted in an oversupply of steel, cement and aluminium due to increasing supply and weakening domestic demand. Statistics from customs showed that in the first 10 months of this year, China imported 220 million tonnes of iron ore and the import volume stood at $14.85 billion, an increase of 32.2 per cent and 44 per cent, respectively, from the same period of last year. China paid a big price for importing iron ore this year due to rocketing prices, the state-run Xinhua news agency reported. India is one of China's top suppliers of iron ore. According to latest Chinese customs statistics, India's exports of iron ore to China during the January-October period amounted to $4.65 billion, constituting 57.12 per cent of the country's total exports. - PTI thehindubusinessline.com