BEIJING, May 8 (Xinhua) -- China's iron ore imports fell to an 18-month low in April as severe weather in Brazil disrupted shipments and some production by miner Vale SA was halted after a mine accident, official data showed Wednesday.

Imports of iron ore, a key steelmaking raw material, reached 80.77 million tonnes in April, down 7 percent from March, according to the General Administration of Customs.

During the first four months, China imported a total of 340.21 million tonnes of iron ore, down 3.7 percent from a year earlier.

Brazil has slowed its iron ore shipments to China after a tailing dam disaster killed hundreds of people in January.

Iron ore prices kept an upward trend during the first quarter due to falling imports, increasing from 60 U.S. dollars per tonne to 90.

Coupled with high prices of coal, coke and other steel-making materials, the country's steel mills saw their profits further squeezed.

Major steel companies reported profits of 37.5 billion yuan (5.54 billion U.S. dollars) during the first quarter, plunging 30.2 percent year on year, according to data from the China Iron and Steel Industry Association.

Steel mills are advised to cut down purchasing costs and add value to their products to maintain profitability, the association said. Enditem

Related

Go to Forum >>0 Comment(s)