In 2011, China reduced its Indian spot iron ore imports, mainly to increase imports of South African products, but failed to reduce its dependence on long-term contracts with major iron ore suppliers in Australia and Brazil. China has repeatedly stated in recent years that iron ore supply in India and elsewhere can help break the global iron ore giant BHP (BLT.L: Quotes) (BHP.AX: Quotes), Rio Tinto (RIO.L: Quotes) ( RIO.AX: Quotes) and Vale (VALE5.SA: Quotes) monopoly. But in 2011, 64% of China's iron ore imports came from Australia and Brazil, and there is no change compared to 2010. During the same period, iron ore imported from India decreased by 24% and the quality also declined. China's imports of iron ore from South Africa increased by 22%. However, India’s iron ore imports are still ranked third, twice as much as South Africa’s imports. China's total iron ore imports have increased by 10.94%, as the Chinese steel industry continues to expand production as domestic economic growth slows. China adopts a diversified procurement strategy, and its import sources include even Mauritania and Myanmar. Wang Xiaoqi, vice president of the China Iron and Steel Association, said on Monday that this has had a "deep impact" on the market. Iron ore giants may be more important to China if prices fall and producers with higher costs are unprofitable. “As long as China’s iron ore demand remains high, we will see more countries exporting iron ore to China. However, the situation in 2012 may be very different, as iron ore demand growth slows down.†Future Asset Securities Commodity Research Director Henry Liu pointed out. “In this case, producers with higher production costs will reduce their exports to China, and iron ore giants will gain more market share.†In 2011, 64 countries exported iron ore to China, and in 2010 only There are 44 countries. Analysts believe that the increase in non-traditional suppliers reflects tight supply, strong demand and high prices, not because of China's diversification strategy. Countries such as Albania, Armenia, the United Kingdom, Cambodia and Denmark, which export iron ore for the first time, still account for a very small proportion of China’s total imports. Imports from countries such as South Africa, Russia, Canada, Iran, Ukraine and Indonesia totaled 1048.5 million tons, accounting for 15% of China's total imports, up from 12% in 2010. According to a Reuters survey in mid-December, the average price of iron ore in 2012. IO62-CNI=SI is expected to be $150 per ton, and the average for 2011 is $168.
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