Thirty-two tons a second shows China’s record iron appetite

Iron-ore imports by China surged to a record above one-billion metric tons last year as unexpectedly strong steel production and lower local mine output combined to fire up demand in the world’s top buyer for cargoes from Australia and Brazil, supporting a rebound in prices. Asia’s top economy imported 1.024-billion tons in 2016, up 7.5% from a year earlier, according to customs data issued on Friday: that’s about 32 t a second, according to Bloomberg calculations.