china's hunger continues

I'm thinking WR's prediction of a 20% rise in the contract price might be conservative.

From today's Australian

China iron ore imports rise 80pc in December

CHINA imported 62.16 million metric tonnes of iron ore in December, 80 per cent more than a year earlier and the second highest volume on record, the General Administration of Customs said yesterday.

The iron ore imports were up 22 per cent from the month before.

The rise underlined there was no let-up in the country's hunger for the steel making ingredient.

For the full year of 2009, China has imported 627.78 million tonnes of iron ore, up 41.6 per cent on 2008.

China is the world's biggest importer of iron ore, securing most of its supplies from Australia, Brazil and India.