http://www.businessweek.com/news/2010-04-10/china-s-march-iron-or...

http://www.businessweek.com/news/2010-04-10/china-s-march-iron-ore-imports-rise-on-steel-demand-update2-.html

April 10 (Bloomberg) -- Iron ore imports by China, the world?s biggest buyer of the raw material, rose for a second month on increasing demand from steelmakers.

Imports jumped to 59.01 million metric tons last month, the Beijing-based customs office said today on its Web site. That?s up from 49.38 million in February.

Prices for 62 percent iron ore have gained 40 percent this year as the global economy recovers and steel consumption gains, according to the Steel Index. Order books are full at Baoshan Iron & Steel Co., China?s biggest publicly traded steelmaker, because of demand from automakers, China International Capital Corp. said March 10.

Imports of iron ore by China soared 42 percent to a record 628 million tons last year as steel production reached a high. China, the world?s largest steelmaker, may add 50 million tons of steel capacity this year, Angang Steel Co. Chairman Zhang Xiaogang said March 5.

Exports of steel products were 3.33 million tons in March, customs said. Total exports in first three months jumped 70 percent to 8.71 million tons, it said.

--William Bi, Helen Yuan. Editors: Tom Kohn, Jim McDonald

To contact the editor responsible for this story: Mike Millard at [email protected]