Australian BHP Biliton Ltd. (BHP), the world’s largest mining company, increased projection of its full-year iron ore production after first-quarter output jumped 23 percent. In the period ending on 30th Sept. production of the material was 48.8 million metric tons, compared to 39.8 million metric tons of the same period last year.

At the same time, Chinese steel mills, the biggest buyers of the raw material, increased their demand for iron, with imports rising to a record 75 million tons in September.

Total iron output is now expected to reach 212 million tons this year, as opposed to 207 million tons of earlier forecasts, after improvements in the supply chain of West Australian mines resulted in record production.