China’s newly-added iron ore resources amounted to 855 million mt during the 2016-20 period, according to China's geological exploration industry development achievements/geological prospecting achievements for 2016-20 issued by the Metallurgical Mines’ Association of China.
In 2021, due to the dual controls on production capacity and output, steel output in China decreased, with pig iron output amounting to 868 million mt, down 4.3 percent year on year, while 1.371 billion mt of iron ore (equivalent to 62 percent Fe content iron ore) was consumed. In 2021, China’s iron ore output amounted to 285 million mt (equivalent to 62 percent Fe content iron ore).
Since the beginning of 2022, the demand for iron ore has slackened amid lower steel output targets and the negative impact of the Covid-19 pandemic. In the January-March period, China imported 268 million mt of iron ore, down 5.23 percent year on year.
The Metallurgical Mines’ Association of China forecasts that China’s domestic production iron ore output will likely increase slightly during the 2021-25 period, while consumption of iron ore will still rely on imported supplies.