China to use 1.13bn t of iron ore in 2015, mostly imported
Last Update: 13/12/2011 09:43:38
China’s iron ore consumption is expected to reach 1.13bn tonnes in 2015, mainly secured from overseas sources, according to a 7 December statement by the Ministry of Industry & Information Technology (MIIT). The projected consumption of ore by the end of China’s 12th five-year plan (2011-15) translates to a 22.6% increase from 2010, Steel Business Briefing calculates. MIIT expects finished steel consumption in China to reach 750mt in 2015, as SBB has reported. MIIT made its iron ore requirement forecast at a meeting in Beijing to explain in detail the central government’s development plan for the country’s steel industry by 2015. Addressing Chinese mill representatives and officials from related government bodies and the China Iron & Steel Association, MIIT stated that China’s increased iron ore demand will - and should - be reliant upon overseas resources rather than domestic mines. The major factor, the ministry explained, is that despite accelerated efforts nationwide to identify new ore sources and develop new mines, the prevailing ore grade in domestic mines is low and the costs of mining still high. In 2010, China imported 618m t of iron ore, accounting for approximately 67% of the country’s total iron ore consumption. This was 32 percentage points higher than a decade ago, MIIT said.
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