12th Rare Earth Summit

May 27-28, 2021
Hangzhou, Zhejiang, China

11th Aluminum Raw Materials Summit

May 20-21, 2021
Hangzhou, Zhejiang, China

9th Magnesium Summit

April 15-16, 2021
Hangzhou, Zhejiang, China

13th World InBiGeGa Forum

March 25-26, 2021
Hangzhou, Zhejiang, China

7th World Antimony Forum

June 13-14, 2019
Changsha, Hunan, China

7th Refractory & Abrasive Materials Summit 2019

May 23-24, 2019
Qingdao, Shandong, China

10th Aluminum Raw Materials Summit

May 16-17, 2019
Zhengzhou, Henan, China

11th Rare Earth Summit

May 9-10, 2019
Qingdao, Shandong, China

8th Magnesium Summit

April 11-12, 2019
Zhuhai, Guangdong, China

12th World InBiGeGa Forum

March 14-15, 2019
Zhuhai, Guangdong, China

6th World Manganese & Selenium Forum

May 21-22, 2018
Hainan Sanya, China

China to build overseas iron ore mines to ensure supply, boost pricing power

2021-01-04 13:17:40   【Print】
China aims to build one or two globally significant overseas iron ore mines by 2025 to boost supply of the steelmaking ingredient and strengthen its pricing power, the industry ministry said last Thursday.

Equity output from stakes held by Chinese firms in overseas mines should account for more than 20% of iron ore imports by that year, according to a five-year plan for the steel sector published by the Ministry of Industry and Information Technology (MIIT).

The plan, which is open for public feedback until Jan. 31, also called for increased supply of other steelmaking mineral resources such as manganese and chrome.

China, the world's biggest steel producer, currently relies on imports for around 80% of its iron ore but it is not known how much of that is from mines overseas in which it holds stakes.

It has domestic iron ore mines with a much lower grade than in top producers like Brazil and Australia, and owns a stake in the Simandou mine in Guinea.

"China will accelerate construction of large iron ore projects in West Africa and Western Australia," the MIIT said, adding that cooperation would also be strengthened with resource-rich Russia, Kazakhstan, Mongolia, Cambodia and other neighboring countries

China will also speed up mergers and acquisitions in the steel sector and form several "world-class" steel groups, said the ministry.

The top five Chinese steelmakers are expected to account for 40% of China's total steel output by 2025, while the top 10 will have a 60% share, up from 37% now.

New steel production capacity in China will be strictly prohibited and new steel projects in coastal areas are "in principle" not allowed, the MIIT said.

Electric arc furnaces - which mostly use scrap steel as feedstock - should account for 15-20% of crude steel output, it added.

The MIIT, which on Thursday jointly issued a statement allowing imports of high-grade steel scrap from Jan. 1, is seeking to increase annual supply of domestic steel scrap resources to 300 million tonnes, the document said.

.Asian Metal Copyright The top five Chinese steelmakers are expected to account for 40% of China's total steel output by 2025, while the top 10 will have a 60% share, up from 37% now.Asian Metal Copyright