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Iron Ore Imports by China Advance to Record as Price Collapses

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Iron ore imports by China rebounded to an all-time high last month, capping record annual purchases, as slumping prices boosted demand for overseas supplies in the biggest user and some local mines were shuttered over winter.

Shipments climbed 29 percent to 86.85 million metric tons from 67.4 million tons in November and 73.4 million tons a year earlier, according to customs data today. Imports last month were the highest level on record, according to data compiled by Bloomberg dating back to 1990. Over 2014, they totaled 932.5 million tons from 820.3 million tons in 2013, the data showed.