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Updated Wednesday, February 10, 2010 11:04 am TWN, Bloomberg

China should cut 'excessive' ore imports, group says

BEIJING -- China should work to reduce “excessive” iron ore imports after volume growth exceeded the pace of demand, the China Iron & Steel Association said. There were 85 million metric tons of iron ore that were “over-imported” last year, Vice Chairman Luo Bingsheng told reporters Tuesday in Beijing.

Iron ore price talks between Chinese steelmakers and foreign suppliers have started, Luo said, declining to elaborate as the discussions are confidential.

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