According to the China Iron and Steel Association (CISA), China is aiming to improve its self-sufficiency in iron ore and continue to consolidate the steel industry in a bid to increase the share of its major steelmakers in the country's overall steel output during the next four years.
"The government expects the country's top 10 steel manufacturers to account for 60 percent of the country's steel output by 2015, compared to 50 percent currently," CISA vice chairman Wang Xiaoqi said at a trade conference held in Beijing on Tuesday, February 28.
"China's reliance on iron ore imports has dropped as the country is speeding up its exploitation of domestic mineral resources," Mr. Wang said, adding that imports currently account for 60 percent of the country's iron ore consumption.
China imported 59 million metric tons of iron ore in January this year, down 13.99 percent year on year.