| Sinosteel Halts Imports of Iron Ore from India |
| Friday,March 09,2007 Posted: 07:57 BJT(2357 GMT) Xinhua |
China's second largest iron ore importer Sinosteel Corporation has halted imports from India in response to Indian export duties. The company made the announcement a week after India imposed a levy of 300 rupees (seven U.S. dollars) per ton of iron ore exported from March 1. Management of the company were unavailable for comment. India's move has shocked China's steel industry, prompting more than 100 iron ore buyers to convene on Tuesday to discuss a response to the duties. They agreed to try to reach a more reasonable scheme with the Indian government before its parliament formally approved the duties in the next two weeks, the International Financial News reported on Thursday. With annual imports of 10 million tons of iron ore from India, the highest among all Chinese importers, Sinosteel was the first to act against the duties. Indian iron ore will become much less competitive in prices, forcing Chinese buyers turn to Brazil and Australia, according to a report by the China International Capital Corporation Limited (CICC). China imported 74 million tons of iron ore from India last year, about a fifth of its total imports. The CICC report says the policy will have a limited effect on China's steel industry due to rising steel prices. The general price of major steel products on the Chinese marketis set to rise in March, after rising 9.94 percent year on year to 4,055 yuan (506.8 U.S. dollars) per ton this February, according to the National Development and Reform Commission. |
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