Iron ore demand forecast to stay steady in 2015

Iron ore imports are expected to grow 6.4 percent year-on-year to around 1 billion metric tons in China during 2015, driven largely by lower commodity prices and growth in domestic demand, industry experts said on Wednesday.

The growth rate is significantly lower than the estimated 14.7 percent increase in 2014, according to a report released by the China Metallurgical Industry Planning and Research Institute.

Although the GDP growth rate of the world's second-largest economy will decline as the country restructures its growth mode, domestic steel output and demand will increase next year, which will lead to higher iron ore imports, said Li Xinchuang, deputy secretary-general of China Iron and Steel Association and president of the institute.