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Russian iron ore exports to China via inland port almost double in value in Jan-May period- 23 Jun 10

China imported 811,000 tonnes of iron ore worth 95 million U.S. dollars from Russia in the first five months of 2010 through inland port city Manzhouli in north China''s Inner Mongolia Autonomous Region.

The iron ore was imported at a price of 116.8 U.S. dollars per tonne, up by 71.6 percent year on year, pushing the value of the imports up 92.8 percent year on year, according to the municipal customs statistics.

Customs official Tian Wei said: "China''s demand for iron ore began to show signs of slowing after the government took measures to cool the overheated real estate market in April. The measures may reduce housing construction, which will lower demand for iron."

Another major iron consumer, the auto industry, will also reduce iron use due to a glut of inventory. China''s auto output and sales decreased 14 percent in May, Tian said.

Jun 23, 2010 10:02
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