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China iron ore demand seen rising by 50 million tonne in 2013 - NDRC
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Tuesday, 26 Mar 2013

Reuters quoted the country's state planning agency as saying that China's total iron ore demand is expected to rise by 50 million tonnes in 2013, but it will not be enough to soak up a supply glut on the world market.

The National Development and Reform Commission said that it was also forecasting a 30 million tonne increase in domestic crude steel production this year, bringing the total to 746 million tonnes.

It said that but the increase in steel demand from China and elsewhere was not likely to be enough to absorb the big increases in iron ore supplies at home and abroad over 2013.

It added that domestic iron ore supplies were expected to increase by around 20 million tonnes over the year, while supplies from the big 3 global miners Vale of Brazil as well as Australia's BHP Billiton and Rio Tinto would come to around 100 million tonnes.

It further added that "Looking at the trends, oversupply in iron ore is unavoidable."

Source - Reuters


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