the case for a buyback, page-5

Iron ore imports by China climbed to 67.2 million tons in April, the highest level in four months, according to data from the General Administration of Customs today. Shipments were 64.6 million tons in March and 57.7 million tons in April last year, according to data compiled by Bloomberg. China’s steel output climbed 7.7 percent to a record 66.3 million tons in March, according to data from the National Bureau of Statistics.

China’s so-called resource intensity will drop as economic growth slows, BHP’s Chirgwin said. In future, China’s gross domestic product may expand at 7 percent to 8 percent a year, with steel demand growth at half that pace, compared with GDP growth of about 10 percent over the past decade, and steel demand growth of 1.5 times that figure, he said.