China consumed 300 million tons of domestic iron ore this year(4/23/2010)

April 22 afternoon, according to foreign media reports, an analyst at Macquarie Bank said, based on the anticipated 640 million tons of crude steel production, China's steel industry may consume 300 million tons this year, domestic iron ore.

Reuters quoted Macquarie Bank commodities analyst GraemeTrain in the global steel information (SteelBusinessBriefing) meeting, the statement said this would mean 120 dollars per ton of iron ore prices have support.

He said that, given the iron ore demand will lead to a smaller supply to China, the second and third quarters of shipping iron ore market is expected to tight

Train is expected by the day of factors, India's iron ore supplies this year would be about 4,000 million -6,000 tons, which can lead to iron ore shipping market tightening.

He also said that it is only a drop in demand could lead to iron ore prices in the fourth quarter of weakness, but this situation can not be profitable only if the steel companies when possible.

Train said, now up to around 180 U.S. dollars per ton of iron ore prices to some extent by the recovery in steel production triggered earlier than expected.

(by China Leiyuan, 4/23/2010)