China Steel Association: Global iron ore supply and demand relationship has been reversed

Luo Bingsheng, executive vice president of China Iron and Steel Association, said at the third industry information conference held in 2010 on the 3rd that China's demand for iron ore will cause major changes in the global supply and demand of iron ore. He said that the global iron ore supply and demand relationship has been reversed.

Data show that China imported 309 million tons of iron ore in the first half of this year, and the increase in iron ore imports has fallen sharply. In the second quarter, it fell for three consecutive months. In April, imports fell by 2.94% year-on-year. In May, imports fell by 2.92%, and in June it fell by 14.72%. Luo Bingsheng said that global crude steel production in the first half of the year increased by 27.9% compared with the same period of the previous year, but decreased by 12% compared with the same period in 2008. The current growth is still a recovery growth, and the demand for iron ore imports has not yet reached the previous level. The level of imports, therefore the impact of imported iron ore is mainly due to Chinese demand factors. He said that this change has attracted the attention of the three major mines. According to reports, due to shrinking demand, Brazil's Vale's market share in China has shrunk dramatically, which has attracted the attention of the company's top management.

Regarding the iron ore negotiations, Luo Bingsheng said that the current iron ore negotiations are still in a state of gluing, and none of the three major mines announced the termination of the negotiations. The differences between the two sides on the issue of iron ore prices have not been agreed, including the Japanese steel companies have also reached a temporary contract. He stressed that the price index pricing model unilaterally promoted by the three major mines faces many difficulties in the actual implementation, lacking authority and representativeness.

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