SMM5 March 26: the China Iron and Steel Association and major steelmakers have called for increased domestic iron ore production and increased investment in overseas exploration to ensure supply.
The chairman of the China Iron and Steel Association (CISA) suggested at the Chinese people's political Consultative Conference in Beijing that China should set a "national strategic target" to keep its domestic iron ore production at more than 20 per cent of total demand.
China is the world's largest consumer of iron ore, and its demand will reach 1.225 billion tons by 2020, according to a government think-tank. But it relies heavily on imports, importing 1 billion tons of ore in 2019.
In addition, the chairman of CISA also urged an increase in the collection and utilization of scrap, a more environmentally friendly alternative to iron ore in steelmaking. He said a national standard for scrap was being developed, which would allow the material to enter China as a resource rather than restricted solid waste.
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