China's iron ore plan challenges Australian miners
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Update time : 2021-01-08 18:13:27
China has pledged to reduce its steel industry's dependence on third parties for iron ore in a five-year plan, amid rising raw material prices and a growing trade dispute with the main iron ore supplier Australia.
According to the five-year plan, by 2025, China's steel sector will have at least 45% of iron ore supply from Chinese-controlled sources, through Chinese-owned mines overseas, cooperation with non-dominant suppliers, as well as increased consumption of scrap steel.
This plan may be of particular concern to Australia, which has iron ore as its main export product while China is its largest market. Although the Chinese government has imposed restrictions on several products imported from Australia, iron ore has yet to be affected, which analysts attributed to China's heavy reliance on Australian supply.
