China's imports of iron ore will rise 28 per cent this year and by a further 12 per cent in 2010 as its demand for steel-making raw materials gathers strength, according to the Australian Bureau of Agricultural and Resource Economics.
The forecasts are based on rising Chinese steel consumption driven by government funding for infrastructure projects and a greater availability of credit for private investment.
The Australian government economic research agency now expects China to import 568m tonnes of iron ore this year, after increasing its previous forecast by 7.8 per cent, while next year it expects imports to total 637m tonnes, up 20.4 per cent on its previous 529m tonne forecast.
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