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PrintIron ore imports by China, the world's largest buyer, have exceeded real demand by 50 million metric tons this year, the country's steel association said.
The recent gains in spot iron ore prices are "speculative," Luo Bingsheng, the vice chairman of the China Iron & Steel Association, said today in Beijing at a conference.
China's iron ore imports surged to a record this year, hurting the group's bid to negotiate a contract price cut bigger than the 33 percent offered by Rio Tinto Group and BHP Billiton Ltd. The nation is looking at cutting the number of licensed importers, industry minister Li Yizhong reiterated today.
The association plans to negotiate prices for this year and next year together in the next series of talks, Luo said, without giving details. The group hasn't decided on the direction for price talks yet, he also said.
For the first eight months, iron ore imports gained 32 percent to 405 million tons from a year ago, China's customs said in September.
Imports by traders accounted for 44 percent of China's total purchases in the first six months, compared with 30 percent a year earlier, the steel association had said in July.
The cash price for Australian ore delivered to China has risen 11 percent in the past five weeks, according to the Steel Index.
Sources from Bloomberg
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