September 13,
China’s Iron ore production rose 2% in August to reach 99.58 million tonnes. China wants to increase domestic production to ease its dependence on imports.
The vice-chairman of the China Iron and Steel Association, Luo Bingsheng, said, “at the beginning of August rising domestic ore output was the major factor in the decline in imports over the second quarter. While steel output in August was largely unchanged compared with July, at 51.64 million tonnes, Iron ore imports dipped 13% on a monthly basis to 44.61 million tonnes.”
Domestic Iron ore output has risen rapidly over the course of the year, and reached a record of 101.55 million tonnes in June.
Chinese ores generally have much lower Iron content than the overseas ores. According to certain estimates, Iron ore production has tripled in the last four years but the Iron content has halved to around 20%.
Source: Reuters
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