China's iron ore imports soared 46 percent from last June, reaching 55.29 million and up 3.4 percent over May, according to statistics released by China's General Administration of Customs.
Baosteel announced this week it would raise prices of its major steel products by 9 to 13 percent next month. And Hebei Steel Group and Shagang Steel Group also said they have lifted their prices by 300 yuan per ton or more.
Some analysts said the mills' sharp price hikes indicated that they have more room for margins and might accept the 33-percent cut.
Chinese steel mills are maintaining high output and CISA said they have started to become profitable from May after being at a loss for the previous seven months.
The Australian Financial Review said Rio Tinto has evacuated staff in China in response to the detention of its four employees.
Chinese media also said other foreign steel mills were moving employees out of China until conditions became more certain.
Baosteel said in a statement that no executive had been detained in the Rio investigation.
(China Daily July 17, 2009)
