Last Updated: 10/24/2015 4:40:00 AM
China Knowledge quoted according to the Ministry of Industry and Information Technology when preparing the newly issued steel industry blueprint for the 12th Five-year Plan period that China may see its demand for iron ore reach 1.13 billion tonnes by 2015.
The ministry estimated that the country demand for ferrous alloy will increase to 380 million tonnes by 2015.
Last year, China consumed 920 million tonnes of iron ore. The country imported 618 million tonnes of iron ore from 40 countries last year which accounted for 67% of the total consumption up from 35% ten years ago due to the rapid development of the high energy-consuming steel industry.
In the first ten months, China iron ore imports grew 10.9%YoY and its domestic output of the mineral grew at a fast pace of 26.4%. The ministry encouraged Chinese steel firms to improve the quality of steel products and promote the transformation of downstream sectors.