PRAGUE China's state-run trader Sinosteel sees China's iron-ore imports rising by 5% in 2010 to 660-million tons, the managing director at Sinosteel Germany told a conference on Tuesday.
"The tonnages are rising due to the fast development of China's steel industry," Xianhong Li of Sinosteel Germany told a Metal Bulletin iron-ore conference.
"There is a big demand in China (for iron-ore) and a shortage on the supply side."
The world's top iron-ore buyer was forecast to raise its domestic production of the steelmaking material to 960-million tons this year, a rise of 9%, he said.
In 2009, domestic production reached around 880-million tons, he said.
Sinosteel claimed to be the biggest iron-ore importer into China, Li added, with 45-million tons of imports in 2009, which it aimed to raise to 80-million tons in the next three to five years.
Li said there could be a reduction in the number of the iron ore importers in China because of strict requirements.
"The number of qualified importers wil be reduced because the qualification requirement is stricter and stricter," he said.
He also said a regulation not allowing iron ore imports with an iron content lower than 60% was a good measure for the whole industry.
"This practice is in the interest of all players, traders and end-users in China," he said.
Some low grade cargoes were still coming into China, he said. But some of these could be undeclared cargoes.
Trade sources said in April that China's iron ore trading association has banned its members from importing ore with a less than 60% iron content.
Edited by: Reuters Topics in this article City Company Country Industry Term Prague Sinosteel Germany China State-run Trader Steel Steel Industry Person
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