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China Minmetals cuts iron ore imports on low price

Tue Nov 11, 2008 9:19pm EST

BEIJING, Nov 12 (Reuters) - Chinese trading firm Minmetals has cut imports of iron ore amid falling prices, its president said on Wednesday.

China

Chinese spot iron ore prices have crashed, losing more than two thirds since they hit a record high in the spring, bringing spot prices below the price of term iron ore from Australia or Brazil.

"There's been some impact, but the problem isn't big, because we have domestic mines and have adjusted our sourcing accordingly," president Zhou Zhongshu told reporters.

"We had a plan of response quite early and we cut our imports."

Minmetals is likely to import about 10 million tonnes of iron ore to China in 2008, Zhou said. (Reporting by Lucy Hornby; Writing by Rujun Shen; Editing by Anne Marie Roantree)

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