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Chinese steel makers say “no” to Indian iron ore
www.chinanews.cn 2007-03-22 17:03:36
Chinanews, Shanghai, Mar. 22 �C The China Iron and Steel Association
(CISA) and 16 Chinese steel makers announced last Friday that China
wouldn��t buy any iron ore from India after it imposed export tariff on
its iron ore resources. Earlier, the China Chamber of Commerce of Metals,
Minerals & Chemicals Importers & Exporters (CCCMC) also convened a
meeting discussing possible measures that could be taken in response to
the new tax, the Shanghai Securities Journal reported.
China’s pig iron production this year is expected to reach 445-447
million tons, 46-48 million tons more than last year. In order to reach
this goal, production of iron ore should increase by 65-84 million tons.
If China can increase the production of crude iron ore by 20% this year,
then 700 million tons of iron ore can be made at home, which is 117
million tons more than last year. If the original iron ore is converted
to finished ore of grade 65%, it turns out that China’s iron ore
production in 2007 will be 55 million tons. The deficiency will be made
up by import.
In the past, China imported large amounts of Indian iron ore due to its
low cost. When India iron ore was cheaper than Brazilian and Australian
iron ore, some small or middle-size steel makers in China tended to buy
iron ore from India, since this would reduce their production cost. Last
year, the amount of Indian iron ore accounted for 22.92% of China’s total
import. Most of the Indian iron ore was bought by steel makers in the
coastal regions, especially by the small and middle-size steel makers in
the middle or southeastern part of China. Since there were insufficient
iron ore resources in these regions, and small and middle-size steel
makers in these regions were not able to sign purchase contracts with
large iron ore suppliers, they would have to rely on India for its iron
ore resources.
The export tax imposed by India will affect the above-mentioned steel
makers most. Some steel makers say that since India iron ore is not cheap
any more, such low-grade iron products will no longer appeal to them any
more. These manufacturers are starting to look for some new iron ore
resources in other neighboring countries.
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