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China’s iron ore imports gain 11% in 2011

China, the world’s largest iron ore buyer imported 686 million tons of iron ore in last year, increasing by 11% year on year.

In the first eleven months of 2011, China’s steel production gained 9.8% and the spot prices of the alloy averaged at US$167.60/ton last year, surging by 14%.

On the other hand, the exports of steel products gained 15% to 48.9 million tons last year and the shipments reached to 3.72 million tons in December.

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