China imported 100.19 million tons of iron ore in the first
three months of this year, an increase of 23.4 percent
year-on-year, according to the General Administration of
Customs.
Analysts said if the growth momentum continued between April and
December, the total imports for 2007 would be sure to beat the
earlier forecast of 355 million tons by the China Iron and Steel
Association.
As the world's biggest producer and consumer of steel, China
imported a record 325 million tons of iron ore and produced 418.78
million tons of crude steel last year.
The administration also said the country exported 14.13 million
tons of steel products in the first quarter, up 118.4 percent from
the same period a year earlier.
It said the nation exported 5.38 million tons of steel in March,
slightly lower than the record high of 5.55 million tons set last
December.
Xu Xiangchun, an analyst with the Beijing-based Lange Steel
Research Center, said cuts to export tax rebates expected in April
boosted steel exports in the first quarter.
China said Tuesday it will remove exports tax rebates on 83
steel products while lowering the rate on 76 others to five percent
as of April 15 as it is striving to lower its trade surplus.
The surplus soared to US$46.44 billion in the first quarter of
this year, nearly double the US$23.3 billion surplus in the same
period last year.
Last September China lowered the rebate rate for 142 steel
products from 11 percent to eight percent.
(Xinhua News Agency April 12, 2007)