China's Imports of Iron Ore Soar as Overseas Prices Tumble

(Beijing) – China is importing more than 85 percent of the iron it needs, as cheap foreign iron ore undercuts domestic products.

Some 86.7 percent of the iron ore the country needed was imported in the first two months of the year, up from 84 percent last year, Wang Liqun, vice chairman of the trade group China Iron and Steel Association, said at a forum on April 14.