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China's Iron Ore Imports Surge to Record as Prices Hammered

  • Domestic iron ore output shrank 8% last year, Banchero says
  • `Ridiculously cheap' raw material lets mills export more steel
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China’s iron ore imports jumped to a record last month, a sign that overseas miners are winning a greater share of the market in the world’s biggest consumer. Steel exports soared as the nation sells its glut overseas.

Inbound iron ore shipments climbed 17 percent to 96.27 million metric tons from a month earlier, according to customs data Wednesday. Full-year imports were 2.2 percent higher at 952.72 million tons, also an all-time high.