China bought a record 1.08 billion tonnes of the steelmaking raw ingredient last year, the second successive year in which purchases crossed the 1-billion mark. Following a surge in demand in recent years, an official from China's largest listed steelmaker, Baosteel, has claimed that iron ore demand in the country has already peaked and is expected to stay flat. Chinese imports of the material passed the one billion tonne threshold for the second consecutive year in 2017, with steel mills focusing on high quality iron ore due to steep government-enforced emissions curbs. The US Geological Survey (USGS) reported last month that global coal production reached its highest level since records began in 1951.
Following a surge in demand in recent years, an official from China's largest listed steelmaker, Baosteel, has claimed that iron ore demand in the country has already peaked and is expected to stay flat. Chinese imports of the material passed the one billion tonne threshold for the second consecutive year in 2017, with steel mills focusing on high quality iron ore due to steep government-enforced emissions curbs. The US Geological Survey (USGS) reported last month that global coal production reached its highest level since records began in 1951.