China’s iron ore imports slowing

Xinhua reported that China's imports of iron ore in the first quarter reached 177.17m tonnes, rising by 14.4% year-on-year. This initially favourable result was tempered however by sluggish growth in March, which has heaped greater pressure on the weak Baltic Dry Index. In March, iron ore imports rose just 0.8% year-on-year to 59. 48m tonnes. The average imported price stood at $156.5 per tonne, an increase of 59.5% year-on-year, hence the increasing refusal by major mills to shell out such huge sums. The total imported iron ore value soared 82.5% over the same period in 2010 to $15.2bn.
(Source:http://www.seatrade-asia.com)