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MMAC: China Strategic Iron Ore Reserve and Domestic Mines Development

http://en.steelhome.cn [SteelHome] 2021-04-15 15:44:11

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Lei Pingxi, Chief Engineer of Metallurgical Mines Association of China, delivered a keynote speech titled China Strategic Iron Ore Reserve and Domestic Mines Development at XVII Steel Development Strategy Conference in Shanghai on 10 April 2021.


China imported 11.91 billion tonnes of iron ore in the past 15 years, with the external dependence at 75%.

As China sets the goal to basically achieve socialist modernization by 2035, the countrys demand for crude steel would be around 15 billion tonnes in next 15 years, bringing the shortage of iron ore to 13 billion tonnes.

With the growing crude steel reservoir, Chinas steel scrap industry would see rapid growth, with around 4.3 billion tonnes of steel scrap recycled in next 15 years.

Chinas iron ore supply chain is fragile, resulting in a huge potential threat to the security of the countrys economy and industrial system.

The serious shortage of domestic iron ore supply capacity is the key to the "fragility" of the raw material supply chain in Chinas steel industry.

The situation of concentrated sources of iron ore imports and a single transportation channel has not been improved.

The iron ore pricing mechanism is unreasonable, and the distribution of the industry chain is unfair.

Therefore, it is necessary for China to set up strategic iron ore reserves: (a) intensify iron ore resources exploration; (b) promote investment of overseas mines; (c) organize National Iron Ore Reserve Decision Expert Committee; (d) set the strategic reserves principal and goals; (e) establish and strictly implement the strategic reserves projects; (f) establish a financing mechanism for the strategic reserves and other mechanisms to better serve the strategic reserves project.

For the development of domestic iron ore mines, China should speed up the development of domestic iron ore resources, improve the development enthusiasm, and build large-scale iron ore bases which are profitable, sustainable and of high quality.

Related Link: Profile of XVII Steel Development Strategy Conference

*to contact the reporter for more figures and graphics on this topic.

(To contact the reporter on this story: cody.wang@steelhome.cn or 86-555-2238837 18725550282)
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