China's iron ore imports rose to a record 38.2 million metric tons (Mt) in February, up 4 percent over the previous peak in January, as steel mills and merchants bought before higher benchmark prices kick in, Reuters said. Major steel mills in Japan, South Korea, Europe and China, including Chinas largest producer Baosteel Group, agreed with Brazil's mining giant Vale to a 65 percent rise in iron ore prices for the fiscal year beginning in April. The latest import figure, up 33 percent over the February 2007, also reflected an easing of port congestion, which some analysts had said would reduce iron ore shipments to China in the first quarter from Australia and Brazil.
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