China imports to rise 18%

China, the world's largest buyer of iron ore, may boost imports of the steelmaking ingredient by 18 per cent this year, helping push global prices to a record for a sixth straight year.

Imports may rise to 386 million tonnes, Zou Jian, the head of the China Metallurgical Mining Enterprise Association, said on Thursday at a conference in Shanghai. Imports may gain 20 per cent, he had forecast in April.

The price of iron ore may rise 35 per cent next year to its sixth straight record because of surging demand from mills in China, RBC Capital Markets said last month.

China is the world's biggest steel producer. Prices of China's imported iron ore, including costs, insurance and freight, rose 22 per cent to $74.64 a tonne in the first half.