world's largest steel producer and the biggest importer of iron ore

China is the world's largest steel producer and the biggest importer of iron ore, representing 45% of all imports in 2007.The industry dynamics is now turning positive, as China begins to rebuild iron-ore inventories. China’s iron imports rose 33% in April, boosting shipping activity in the past three weeks. The Baltic Dry Index, which measures dry bulk shipping rates on 40 routes across the world, hit a 7-month high on Tuesday. The index has gained 68% since the April lows, after a 92% plunge last year.