China’s iron ore imports from Australia rises in January

2015-03-02

China’s iron ore imports from Australia rises in January

China’s iron ore imports from Australia jumped 10 percent to 49.95 million tonnes in January as major miners expanded production to gain market share despite an economic slowdown in the world’s top consumer.

But overall imports dropped 9.3 percent to 78.62 million tonnes in January from a year ago, however, Australian miners managed to increase their market share of the total to 63.5 percent, from 58.8 percent last year.

Shipments from Brazil, the second-largest supplier to China, dipped 3.9 percent to 14.93 million tonnes in January, and South Africa, the third-largest supplier, tumbled 27.7 percent to 3.33 million tonnes, customs data showed on Friday.

The world’s big three iron ore miners Rio Tinto , BHP Billiton and Vale have proceeded with expansion plan to help push prices lower and drive more high-cost rivals out of business.

The “survival of the fittest” strategy, outlined by Rio Chief Executive Sam Walsh, is expected to see imports from Australia and Brazil take more than 80 percent of the Chinese market in 2015, from 64 percent four years earlier.

Source from : Reuters

HEADLINES