Iron ore: China - January 2011

According to Chinese sources of information / in particular, the Ministry of Resources PRC, probable reserves of iron ore in China range from 100 to 200 billion tons Probable reserves / resources of minerals, which may be assessed on the basis of geological background and theoretical considerations, having regard to the deposit / ore, according to the Institute of mineral resources of the Academy of Geology, China, evaluated at the end 2008to 62.4 billion tons, but more than half of these reserves are deposits with low iron content. According to the USGS / USA / proved reserves / fully proven reserves, ready for working out / iron ore in China in the late 2010were 23 billion tons or 7.2 billion tons in terms of content of Fe. In 2010China has produced 1,071,555,000 tons of crude iron ore / in terms of iron ore with 64-66 percent Fe - about 550 million tonnes or 21.6 percent more than in 2009. Increased production of iron ore in China 2010the first time in recent years affected the volume of imports of iron ore. In2010imports of iron ore decreased in comparison with 2009and amounted to 618.5 million tons proportion of Australia, Brazil, and India's total imports of iron ore in China fell in the2010to 79.7 percent / 81.5 percent in 2009. Been an increase in supply from Iran, Indonesia, Ukraine and Venezuela. Supplies from Iran amounted to 14.5 million tons a result, Iran has introduced a 50-percent export duty on export of all types of iron ore products: iron ore, ore fines, lump ore and pellets /, starting from January 192010. In January 2011reserves of iron ore in the 23 major ports in China reached a record in recent years figure of 77 million tons In January 2011Prices for imported iron ore and iron ore concentrate from China continued to grow.Thus, the average price of iron ore concentrate / 65-percent Fe, imports from Brazil in the port of Qingdao in eastern China in January2011amounted to 206-208 dollars per ton, including taxes. Average prices for iron ore / 65-percent Fe / Chinese production in the province of Liaoning / northeast China 'in January2011were within 183,6-185,2 USD / t, EXW, VAT included. It is expected that iron ore prices in China continue to rise, at least until April2011. Review of the prepared HA Petropavlovsk.

Source: Itar-Tass