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China’s Iron Ore Imports May Drop 14% as Domestic Output Gains

China, the world’s biggest iron ore buyer, may import as much as 14 percent less of the steelmaking raw material this year as domestic production increases, according to the China Mining Association.

Imports may be between 590 million metric tons and 650 million tons this year, Wu Rongqing, the chief engineer of the association, said today at a conference in Beijing. Last year’s imports were 686 million tons, according to Bloomberg calculations based General Customs data.