For the five years to 2013, revenue for the China Iron Ore Mining market has been growing 20.6% per year on average. However, growth has been volatile year on year. After sharp rises in 2010 and 2011, the price of iron ore dropped significantly in 2012 due to a steel oversupply and the economic cooldown in China.
As a result, industry revenue growth slowed considerably in 2012. The iron ore price is not expected to rebound strongly in 2013; therefore, revenue for the year is expected to increase by just 11.4% to $153.4 billion. There are over 4,200 enterprises operating in the industry, with total employment of 646,000 and total output of iron ore at an expected 1.59 billion tons in 2013.
China covers about half of its domestic demand with imported iron. The slowdown in China's economy, and the world economy as a whole, resulted in significant declines in iron ore demand and product price in 2009. Despite a significant increase in the volume of imported iron ore, the import value decreased by 14.9% in 2009. With the iron price rebounding sharply in the next two years, imports nearly doubled from $61.1 billion in 2009 to $117.2 billion in 2011.
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