Overcapacity in China's steel sector is 'beyond imagination'

Overcapacity in China's steel sector is so severe that it is "probably beyond our imagination", an official at the Chinese steel industry association said on Tuesday. China's iron-ore imports are expected to rise 6% from a year ago to reach 870-million tonnes in 2014, said Li Xinchuang, executive vice secretary-general of the China Iron & Steel Association.