Hammered ore prices threaten Chinese iron miners (6)

It is not safe for China to fully rely on imported ores, as high dependence on foreign iron ores may culminate in a monopolized ore price, which is harmful to the country's steel industry in the long run, experts said.

China has rolled out favorable policies to encourage its domestic mining enterprises to invest in overseas mines.

In the first half of 2012, Chinese enterprises invested 1.42 billion U.S. dollars in 64 overseas projects on solid minerals, according to Chen Xianda, vice president of the China Mining Association.

"For Chinese enterprises, I think it's worth tracking opportunities in resource-rich regions overseas," said Guo Jianwei, a senior official for monetary policy with the People's Bank of China.

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