The rise imports is attributed to restocking of ore by the country’s steel mills following a prolonged distressing period in mid-2012, reported Reuters.
Iron-ore prices jumped to a 15-month high of $149.80 a tonne from $80 a tonne during the destocking period that witnessed closure of many Chinese iron-ore mines.
The surge in demand is expected to be a huge opportunity to the country that is the sole export earner of the said metal.
Leveraging the growing market in China the port’s largest user Fortescue Metals Group has resumed its expansion work to mine 40 million tonnes of iron ore annually from its deposits in the region.
Australia’s iron-ore producer Rio Tinto, meanwhile, has estimated a total growth of 25% over next ten years.
