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Chinese demand for iron to grow 7.5 percent

Posted on Dec 06, 10:10PM | IANS

China's iron ore imports will grow by 7.5 percent in 2013, up from 6.4 percent in 2012, the Baltic and International Maritime Council (BIMCO), the world's largest association of ship owners, has said.

The growth will be driven by higher steel demand for housing, infrastructure and machinery, the China Daily Thursday quoted BIMCO as saying.

"When we look into 2013, the fundamentals of the dry bulk segment are improving on both supply and demand side variables," said Peter Sand, chief shipping analyst at BIMCO.

In September, China imported the largest amount of iron ore since the record-high imports in January 2011.

The 65.1 million tonnes imported in September strengthens the latest indication of a still growing Chinese demand for imported iron ore, BIMCO said.