China's iron ore import hits record high in 2014

Freighters load iron ore at the Rizhao Port in Shandong province, Oct. 3, 2013. [Photo/Xinhua] 

Official customs data shows the import of iron ore in China hit a record high of nearly 87 million tons last month.

That's an increase of over 18 percent from a year earlier.

The sharp rise in imports comes amid an almost 50-percent downturn in the price of the commodity this past year, as slumping prices have boosted demand for overseas supplies.

Full-year imports of iron ore are up nearly 14 percent.

Chinese authorities have announced plans to invest around 1 trillion US dollars on infrastructure this year.

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