[Ferro-Alloys.com] Nation promotes electric arc furnaces as a viable alternative for better environmental protection

As China pursues cleaner, low-carbon and more efficient steel sector development, analysts expect multinational companies will carry out deeper and higher-quality cooperation in the Chinese market this year despite the impact of the COVID-19 pandemic.

"China has led the global demand recovery in 2020, while overseas demand was hurt by COVID-19," said Zhu Yi, a senior analyst for metals and mining at Bloomberg Intelligence.

"Exports from China could increase this year as overseas demand recovers, thus boosting China's output of metals and imports of raw materials from overseas miners such as Rio Tinto, BHP and Vale," Zhu said.

China's iron ore imports hit a record 1.17 billion metric tons in 2020, with the average import price up 7.3 percent year-on-year to $101.7 per ton, which analysts say reflects robust demand in the downstream steel market and a continued and stable recovery of the Chinese economy.

The amount exceeded the previous record of 1.08 billion tons in 2017, said the General Administration of Customs.

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• [Editor:kangmingfei]