Sishen Mine, South Africa — MININGREVIEW.COM — 16 April – Chinese imports of iron ore by sea may rise 47% this year compared with 2008 levels, as steel production increases and domestic output of the raw material falls.
Revealing this on a visit to the mine, Kumba Iron Ore CEO Chris Griffith said: “There is strong demand in China, Japan and Korea, and that may counter weaker demand in the next couple of quarters, from Europe, where consumers have built up stockpiles on expectations of rising iron ore prices.”
Production of ore in China “’ the world’s largest buyer of the steelmaking ingredient “’ may drop 5% this year from 2008, according to Griffith.
Kumba “’ Africa’s largest iron ore producer “’ plans exports of about 47 million metric tonnes a year by 2013 and production of 70 million tonnes by 2019, up from about 42 million tonnes in 2009, the company said in a presentation posted on parent company Anglo American plc’s Web site. “Unit costs may increase 15% in 2010 as wages and fuel prices rise,” Griffith said.