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Chinanews, Shanghai, April 29 - According to a report by Shanghai Securities News, China is pretty optimistic about the future international iron ore market, due to the current expansion of production of major iron ore suppliers in the world.
The information was released at Far East Steel 2007, saying that there will be an iron ore production hike in 2007, enough to meet the demand of the international market. In the latter half of 2007, there might even be an excessive supply of iron ores, when the price of iron ores will start to drop. Taking cost of shipping1 into consideration, the iron ores will still be cheaper in the domestic market by then. Currently, the investment on iron mines has greatly increased. It is estimated that the global maritime2 trade volume of iron ores will be 770 million tons, about 70 million tons more than in 2006. The iron ore export growth of Australia, India, and Brazil will be 35 million tons, 10 million tons and 30 million tons respectively in 2007. China today doesn't depend so much on imported iron ores as it used to be. It is estimated that China will import 25 million to 30 million tons of iron ores in 2007 (9% more than in 2006), while its total demand for iron ores will be 70 million tons. Besides, there are some imported iron ores stored in ports, which will meet China's demand partly, too.
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