“The recovery in iron ore consumption is mainly due to the increase in overseas supply,†Macquarie analyst Graeme Train said on Wednesday.
According to statistics from the General Administration of Customs, China's iron ore imports fell by 2.2% from January to October 2010, with a total import volume of 503.3 million tons.
Train said at a conference in Shanghai that demand for iron ore in China may increase by 15% to 712.0 million tons in 2011, and there was a forecast of demand or a 5.4% decline at a European conference.
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