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China plans to reduce its reliance on imported iron ore. Domestic mining companies intend to expand iron ore concentrate production by 5-10 million tonnes (MT) by 2023, the China Iron and Steel Association (CISA) stated.
The association states that progress in China's new iron ore mines will help to produce 370 MT of iron ore concentrate per year by 2025. As a result, local steel producers will rely less on imports. Specifically, the nation imported 1.179 billion tonnes of ore in 2023 (+6.6% y/y).
China produced 284.09 MT (+15.3% y/y) of iron ore and 72.07 MT (+4% y/y) of iron ore concentrate between January and March of 2024. At the same time, iron ore imports in January-April 2024 reached 411.82 MT (+7.2% y/y).
CISA expects iron ore prices to remain low in the long term, as the global supply of raw materials will be sufficient thanks to new projects on the global market, including Rio Tinto’s Simandou project in Guinea.
Earlier, in 2023, China produced 1.019 billion tonnes of steel, up 0.6% compared to 2022. Thus, the downward trend in the country’s steel industry has stopped after two consecutive years of declining production.
Last year, the Chinese authorities did not impose restrictions on steel production in line with their ambitions to reduce CO2 emissions, which contributed to increased the production and revenue of local steelmakers.
China’s steel exports 2023 increased by 36.2% y/y – to 90.3 MT. Steel imports amounted to 7.64 MT, down 27.6% y/y. Ore imports increased by 6.6% y/y – to 1.179 billion tonnes for the year.
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