China imported 59.01m tonnes of iron ore in March, 20 per cent more than in February and 13 per cent up on the same month last year, said the country’s General Administration of Customs.

In the first quarter of 2010, China’s iron ore imports rose 18 per cent year-on-year, in response to rising demand from steelmakers, according to the administration.

Meanwhile, Hyundai Merchant Marine and Shandong Far East Marine have signed a US$315m contract to ship iron ore to China, according to Seatrade. The two companies will transport 23m tonnes of iron ore over the next 15 years for Hebei Steel Group, based in northern China. Most of the ore will come from Brazil and Australia. After a number of recent acquisitions, Hebei Steel has become of the largest iron and steel producers in China.