Caixin reports that China is importing more than 85 percent of the iron it needs, as cheap foreign iron ore undercuts domestic products. Last year’s figure surpassed 80 percent for the first time, up from 78.5 percent in 2014. Imports grew mainly because the global price of iron ore plunged from about US$ 130 per ton in early 2014 to around US$ 40 late last year. Meanwhile, domestic miners have failed to keep up with the price cuts due to high costs. The cost of production at Chinese iron ore mines ranged from US$ 50 to US$ 60 per ton on the low end to US$ 80 to US$ 100 per ton on the other.