Chinanews. Beijing, January 5 – According to China Iron & Steel Association, about 355 million tons of iron ores will be imported in 2007.

 

China is the biggest iron ore consumer in the world, its iron ores production being unable to meet the needs of the domestic steel industry.

 

Baoshan Iron and Steel Corporation (Baosteel), the biggest steel enterprise in China, has finished price negotiations with three major iron ore suppliers in Brazil and Australia, and the price of imported iron ores will grow by 9.5%.

 

The three major iron ore supplies take up nearly 70% of the global market, thus the successful price negotiation between Baosteel and them reflects the stronger and higher position of Chinese steel enterprises in the world.