The world's largest iron ore importer, China, continues to increase its demand for the vital industrial commodity. A forecast from the country's national steel and iron organization estimates, according to Secretary General Li Xinchuang, that the import of iron ore to China this year will grow by six percent, reaching a total volume of 870 million tons, according to the Wall Street Journal.
High production levels and declining global demand for iron ore has pushed prices down. Analysts estimate that the world's iron ore producers will extract 14 percent - or 126 million tons - more than in 2013, and Chinese buyers are taking advantage of this to establish massive iron ore stockpiles. According to the Wall Street Journal, the iron ore price is currently 21 percent lower than last year, right now at around USD 122 per ton of fine-ore.
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