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China focuses on production to reduce iron ore imports

According to the China Iron and Steel Industry Association (CISA), China, the world's largest steel producer, has significantly increased its iron ore concentrate production capacity, adding 50 million tons since 2022. The expansion is part of a strategic plan launched in March 2022 to boost domestic production of iron ore.

China focuses on production to reduce iron ore imports

CISA Vice President Luo Tiejun emphasized the importance of self-sufficiency in iron ore supply. He did not disclose the total iron ore production capacity but confirmed China's determination to accelerate the development of key iron ore projects to secure domestic supply.

In the first nine months of 2023, China's iron ore concentrate output reached 215.5 million tons, up 1.3% year-on-year, according to data from the Metallurgical Mines Association of China (MMAC). The country's iron ore supply is expected to rise 3% annually to about 295 million tons in 2023.

Analysts from China International Capital Corporation (CICC) estimate that China will produce about 300 million tons of iron ore in 2024. Currently, China imports 80% of its iron ore needs. The country aims to increase its domestic supply of 62% iron ore concentrate to 370 million tons by 2025, up from about 270 million tons in 2022.

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