Asian giant to buy even more iron ore
September 7, 2007
China, the world's largest buyer of iron ore, will import 40 million tons - about 10 percent - more of the steel making raw material in 2008 than this year, helping global freight rates hold at record highs.
China Ocean, the country's biggest shipping company, is ordering more dry bulk carriers to meet rising demand.
Global iron ore shipments will rise 8.5 percent to 780 million deadweight tons. China will account for half of that amount, making it the world's biggest steel producer. - Bloomberg, Shanghai
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