Iron ore output in China, the largest consumer of the steelmaking ingredient, may jump to a record this year as government stimulus spending spurs demand.

Production may expand 4.4 percent to 860 million metric tons this year
from 824 million tons last year, Lei Pingxi, general secretary of the
China Metallurgical Mining Enterprise Association, said Thursday at a
conference in Beijing.

China is ramping up domestic production in a bid to reduce imports and
lower prices paid to Vale SA, BHP Billiton Ltd. and Rio Tinto Group,
which account for three quarters of global trade.

Source: ChinaPost

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