China to continue to import iron ore in short term
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Update time : 2021-12-14 18:18:47
In 2020, China totally imported 1.17 billion tons of iron ore, hitting a new record.
Iron ore is the main raw material of steel. Due to the lack of iron ore, China relies heavily on imports, accounting for about 80% to 90%.
The price of iron ore once increased to a historical high, reaching US$176.9/ton last December, far beyond industry expectation. High prices led to a decline in profits of China's steel enterprises.
According to the Ministry of Industry and Information Technology, China will increase the concentration of steel enterprises to 60% to solve the problem of rising iron ore prices. Although China made some progress on gaining overseas resources, in short term, China still needs to import iron ore to maintain the situation.
