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PrintChina's annual iron ore (grading 63-66% Fe) consumption is expected to reach 1.3 billion mt, and iron ore imports will represent around 40% of the country's needs in 2020, according to the 2008-2015 development plan for mineral resources issued Thursday by China's Ministry of Land and Resources.
China's current annual iron ore consumption is estimated at around 800 million mt. China imported a total of 325.2 million mt of iron ore in the first 11 months of 2008, equivalent to an annualized rate of 354.8 million mt. As such, imported iron ore represents around 45% of China?s annual iron ore consumption, according to a Beijing-based analyst.
China's annual crude iron ore output is expected to exceed 1.1 billion mt (grading 30-35% Fe) by 2015, up from 707 million mt in 2007, and up from an estimate of 940 million mt in 2010.
To support the growth in the domestic iron ore output, China expects to exploit around 6 billion mt of additional iron ore reserves between 2008 and 2015, mostly from the central and western regions. According to the MLR development plan, China has potential iron ore reserves of over 100 billion mt. –Platts
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