China imported a record 68.97 million tons of iron ore in January with an average unit price of $151.4 per ton, up 66 percent from a year earlier and 3.6 percent from December. Experts attributed the increase to strong anticipation of a further rise in the iron ore prices and a recovery in demand at home.

The rise in the prices of foreign ore could help push the prices of iron ore and steel products higher at home, something like blowing up bubbles. The bubbles would burst when excess imports could lead to swelling stocks, then dragging down the steel prices.

It is difficult for the monthly imports of iron ore to exceed the January level in the short term because the growth of household demand is slowing down and expensive foreign ore would stimulate domestic iron ore producers to expand their output.