OREANDA-NEWS. January 16, 2012. Customs statistics showed China imported 64.09 million tons of iron ore in December, a reduction of 110,000 tons from November.

The average price of imported iron ore stood at USD 141.24 a ton, down 12.89 percent month-on-month. China imported 686.06 million tons of iron ore at an average price of USD 163.84 a ton last year, up 10.9 percent and 27.02 percent respectively.

There were already signs of oversupply for iron ore in 2011 after years of vast investment in both domestic and overseas mining projects. The supply strain may further ease this year.