Mining World

China’s iron-ore imports slipped 15% in August from a record in July to their lowest in six months, displaced by growing domestic output which fed record steel production.

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China’s iron-ore imports slipped 15% in August from a record in July to their lowest in six months, displaced by growing domestic output which fed record steel production.

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China imported 49.68 million tonnes of iron ore in August, down 14.5 percent from a monthly record hit in July, the customs authority said on Friday.

Steel product exports grew 15 percent from the previous month to 2.08 million tonnes in August, but were 73 percent lower than the same period last year, as financial woes hit the global economy.
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Rio Tinto Ltd. (RIO.AU) iron ore chief executive Sam Walsh said Friday the company isn’t in negotiations with China over benchmark iron ore prices, leaving annual contracted prices for Chinese steel mills up in the air.

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India exported 5.9-million-tonne iron ore in July, a 2% increase over the same period last year after clocking 26 million tonne of exports during the April-June quarter, the same as the year-ago period, according to data collated by Association of Iron Ore Exporters.

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Mining giant BHP Billiton Ltd. reported Wednesday a 10% fall in iron-ore output in the fourth quarter ended in June, and a full year figure below previous guidance.

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The Chinese government may cancel more than 20 companies’iron ore import licenses if it finds that they have conducted illegal speculative purchasing, sources reported Tuesday.

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Foreign companies should abide by China’s laws and regulations, a Chinese government spokesman said Tuesday even as Australia continued to press for details about the arrest of its citizen, an employee of Rio Tinto PLC, for the alleged theft of state secrets.

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A Chinese steel executive detained along with four Rio Tinto employees is being investigated for leaking China’s "bottom line" on iron ore prices, a source with knowledge of the probe said on Friday.

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Kumba Iron Ore (JSE:KIO), the world’s fourth largest iron ore producer, expects to continue being less affected by the global drop-off in demand for iron ore compared to other iron ore producers this year, although there is little "visibility" into the future of iron ore at the moment.
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JFE Steel Co (5411.T) President Hajime Bada said on Tuesday that prices of iron ore and coking coal for term supply in 2009/10 business year should fall at least to the 2007/08 levels due to a precipitous decline in steel demand.

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