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terça-feira, maio 19, 2009

Production pruning - Chinese domestic iron ore mines shutting

Tuesday, 19 May 2009

Reuters reported that roughly half of China's iron ore mines may have shut down since prices dropped, opening the door for other low cost producers to supply China with the key mineral for making building materials.

Many iron ore mines sprouted up in China when prices of the commodity soared but falling prices have put cost pressure on the smaller domestic producer.

Mr Anthony Loo MD of Rio Tinto China said at a China economic conference in Hong Kong that "We believe that perhaps up to half of domestic iron ore mines are currently shuttered.”

He said that imports lower cost producers around the world have displaced domestic production.”

China imported a record 57 million tonnes of iron ore in April, an all time high up by 9% from a month ago and 33% greater than last April. China's increase in iron ore imports helps miners like Rio, which are used to competing heavily with domestic producers.

(Sourced from Reuters)

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