Use of Domestic Iron Ore in China Sees Boost: Mysteel

Bloomberg reported that steelmakers in China, which is the biggest iron ore importer in the world, are now using domestic iron ore supplies.

As quoted in the market news:

Iron ore delivered to ports in China surged to $158.50 a dry ton on Jan. 8, the highest in almost 15 months. Steelmakers including Jianlong Steel Holdings Co., China’s third-largest non-state mill, and Zenith Steel Group Corp. said last week they’d like to buy more local ore, even as the nation’s coldest winter in 28 years keeps domestic mines closed and local supplies limited.

Click here to read the full Bloomberg report.