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The China Iron and Steel Association has warned against blind imports of iron ore, saying that the country's current inventory has reached 60 million tons.

 

Quoting data from the association, a recent report in the Economic Information Daily said in the first three months of this year, China imported 80.9 million tons of iron ore, up 27.7 percent over the same period of last year.

 

This means that China imported an average of 899,000 tons of iron ore a day in the first quarter, according to Luo Bingsheng, deputy head of the association.

 

The imports have far exceeded the country's demand, he said.

 

The statistics showed the stocks of iron ore at 18 major ports amounted to nearly 39 million tons.

 

The association predicted that China's demand for iron ore would increase by 48.8 million tons this year, with only 25.9 million tons relying on imports to meet the demand.

 

Domestic steel producers do not need to worry about iron ore supply, it said.

 

(Xinhua News Agency May 9, 2006)