China, the world’s top metals consumer, relies heavily on overseas markets for some raw materials import such as iron ore, manganese and chrome. There was no immediate word on boosting strategic reserves across industrial metals in the plan.
But the country pledged to improve its reserve security capabilities and conduct a new round of ore prospecting in the next five years, according to the plan, which serves as a blueprint for economic and social development between 2021 and 2025.
The industry ministry said in December that China aims to build one or two globally significant overseas iron ore mines by 2025 to boost supply and enhance its pricing power.
In the five-year plan, China also vowed to promote green transformation for the steel sector.
