China says iron ore imports will rise via state-owned projects in Africa

China's dependence on foreign iron ore likely will reach new records, according to a top state industry official, which could help underpin slumping global prices but may not provide much of a boost for the world's largest global miners.

China is likely to see more iron ore imports coming from China-owned projects in Africa, rather than its traditional suppliers in Brazil and Australia; the two countries - home to BHP Billiton (BHP), Rio Tinto (RIO) and Vale (VALE) - still supply a combined 70% of China's ore.

Africa currently accounts for just 8% of China's supply, but Beijing has been building relations with at least 15 African nations.

BHP -1%, RIO -2.3%, VALE -1.2% premarket.

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Comments (7)
  • Capt Jack Daniels
    , contributor
    Comments (1466) | Send Message
    Yeah good luck with that China...


    Africa ?
    25 Feb 2014, 11:05 AM Reply Like
  • alrightalready
    , contributor
    Comments (84) | Send Message
    Capt Jack? Funny and good observation.


    15 African nations? Do any of them have anything that resembles a stable government? If so, for how long?


    "China is likely to see more iron ore imports coming from China-owned projects in Africa????????"


    "LIKELY?" What does that tell us? Next week? Next month? Next year? Next decade?


    Nevertheless, today we get the knee-jerk reaction in RIO, BHP, and VALE to such news from an Unnamed Top State Industry Official.


    Just another market churning article.


    Yes, I am long iron ore stocks and I do not appreciate this crap "reporting."
    25 Feb 2014, 11:33 PM Reply Like
  • mix
    , contributor
    Comments (104) | Send Message
    Uh oh.
    25 Feb 2014, 06:34 PM Reply Like
  • gast77
    , contributor
    Comments (6) | Send Message
    Would be interesting to know the prices for African ore.
    25 Feb 2014, 08:30 PM Reply Like
  • Yizheng
    , contributor
    Comments (14) | Send Message
    Where is this news of nothing new come from? talking is is one thing but reality is something else.
    25 Feb 2014, 08:32 PM Reply Like
  • Qniform
    , contributor
    Comments (4588) | Send Message
    Mining is a pretty long horizon development. Any numbers on capacity and output? What an unhelpful source.
    26 Feb 2014, 08:47 AM Reply Like
  • keentolearn
    , contributor
    Comments (138) | Send Message
    This is same as American imports of oil from middle east.
    27 Feb 2014, 08:49 AM Reply Like
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