China's iron ore imports have been decelerating since 2011, and that trend is set to continue next year with estimated growth of 6.25 percent, said an industry expert on Friday.
China will import 850 million metric tons of iron ore in 2014, according to Li Xinchuang, head of the China Metallurgical Industry Planning and Research Institute.
He estimated this year's imports will total 800 million tons, up 7.5 percent. In the first 10 months of 2013, China imported 669 million tons of iron ore.
"Iron ore supply will continue to increase, but China's demand will slow in the coming years," said Xu Xiangchun, information director of Mysteel.com, a steel industry website and consultancy company based in Shanghai.
China's economic restructuring from an investment-oriented mode to a consumption-oriented one is the major reason for the shift, because the changing economy is leading to shrinking steel consumption, he said.
China's economic growth has eased from double-digit figures in past years to about 7 percent at present. That's meant a shift in the growth of steel demand from big increases in the past to stable consumption now, he said.
"China's steel demand annual growth has been below 5 percent since 2011. That pace will be maintained in the coming years, also meaning decreased iron ore demand," he said.
"High imported iron ore prices were related to increasing demand from China in previous years. "
The imported iron ore price fell from $193 a ton in 2011 at its highest level to $130 a ton at present.
