China plans to increase output of the essential component for steelmaking by adding 50 million metric tonnes of iron ore concentrate capacity starting in 2022. An industry association official was quoted as saying by state media on Monday.
80% of the iron ore used in China, the top steel producer in the world, must be import. It has promised to raise domestic production from 286 million tonnes in 2022 to 370 million tonnes by 2025.
According to Luo Tiejun, vice chairman of the government-backed China Iron or Steel Association (CISA). The “cornerstone plan” includes the 50 million tonnes of additional capacity. As reported in the China Metallurgical News.
He stated that China will continue to speed up the development of important iron ore projects in order to ensure supply security. But he did not specify the country’s current total iron ore capacity.
“More than a dozen key iron ore projects have began after the implementation of the plan,” stated Luo.
Statistics from the state-backed MMAC indicated that from January to September. China produced 215.46 million tonnes of iron ore concentrate, an increase of 1.3% year over year.
In 2023, the supply of concentrate is anticipat to increase by 3% annually to approximately 295 million tonnes. As stated this month at a conference by Lei Pingxi, the chief engineer at the MMAC.
According to analysts at China International Capital Corporation (CICC)601995.SS China is expect to produce approximately 300 million tonnes of iron ore by 2024.