China to speed up iron ore projects to secure domestic supply

BEIJING: China’s state planner on Wednesday said it will accelerate the construction of iron ore exploration projects and improve its capability to ensure iron ore supplies. The National Development and Reform Commission will also closely monitor iron ore market dynamics and take steps with relevant departments to limit irrational price increases, spokeswoman Meng Wei told a regular news briefing.

The government has been vexed about heavy dependence on imported iron ore, with more than 70% of China’s needs coming from overseas, and intends to increase domestic supply. The government-backed China Iron & Steel Association began an initiative last year to boost domestic supply to 370 million tonnes by 2025.