China Securities Journal cited Mr Wu Wenzhang an analyst from steelhome.cn as saying that China imports of iron ore in 2010 are estimated to total 650 million tonnes.
Mr Wu estimates that crude steel production and apparent consumption in 2010 will increase 10.9%YoY and 7.8%YoY to 630 million tons and 610 million tonne respectively.
According to Mr Wu although the three big miners said that the prices of their iron ore exports in the fourth quarter will be 10% to 15% lower, China steelmakers may still suffer losses.