Zhu Hongren, spokesperson for the Ministry of Industry and Information Technology (MIIT) reported that China imported a total of 630 million tons of iron ore in 2009, up 41.6 percent year-on-year, and the iron ore import dependency ratio has increased from 44 percent in 2002 to 69 percent.

The press release is quoted as saying:

Last year, the China Iron and Steel Association stated at the beginning of negotiations that Australia and Brazil should cut ore prices by 45 percent and 40 percent respectively.

Click here to access the entire press release ^[1]