Luo Tiejun, vice president of the China Iron and Steel Association (CISA), stated at a meeting held by Hebei Metallurgical Mining Association on September 4 that China is aiming to increase its iron ore output by 100 million mt during the 2021-25 period.
Currently, import iron ore prices for China have declined amid production restrictions implemented in the steel industry in China. However, it is very hard for Chinese miners to obtain approval for newly-built mines.
At the same time, Mr. Luo said China will intensify efforts to develop overseas iron ore resources, and will carry out studies for the establishment of a fairer and more transparent iron ore pricing system, to ensure high-quality development for the steel industry.