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As the news that one of the largest international iron ores suppliers, BHP Billiton of Australia signed iron ores supply contract with Baosteel at a much higher price came out, the iron and steel industry in China became alert. “Kungang now has considerably decreased the usage of imported iron ores,” according an official from Kunming Iron and Steel.
“We don’t have a that large volume of imported iron ores, so the higher price for 2008 iron ores contract won’t hit our company. But, the influence in the future is not clear till now.” he said. It is said that Kungang imported 2.00 million tons of iron ores in 2007. Due to the continuously rising prices for iron ores in international market, Kungang has tried hard to decrease the usage of imported iron ores. |
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