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

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.

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