Chinese demand for iron ore is expected to be stable this year, with steel producers prioritizing capacity cuts in line with government directives, according to Liu Zhenjiang, secretary general of the China Iron & Steel Association (Cisa).
China's gross domestic product growth of 6.8% in the first quarter of the year augured well for iron ore demand for the rest of the year, Zhenjiang told delegates at the Singapore Exchange's (SGX) Iron Ore Week on Thursday May 24. China's iron ore imports totaled 1.74 billion tonnes in 2017, up 4.9% year-on-year. In the long term, however, he said increased scrap availability and usage will result in...