In the first seven months this year, China imported 660 million...

In the first seven months this year, China imported 660 million tons of iron ore, up 11.8% from a year ago, official data showed. Demand has rebounded as the domestic outbreak of COVID-19 wanes and the government's pro-growth, infrastructure push drives up steel consumption.

Heavy reliance on foreign supply makes Chinese steel-makers especially vulnerable to iron ore prices. Every $10 increase of the price of a ton of iron ore will lead to an extra $10 billion of spending by China every year, analysts estimate.