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China to boost its domestic iron ore supply: report

By Ji Beibei (Global Times)

13:15, November 08, 2011

China will boost the domestic supply of iron ore to a large extent during the 12th Five-year Plan period (2011-15) in order to rely less on the three world mining giants - Vale, Rio Tinto and BHP Billiton - sources with the China Iron and Steel Association (CISA) told the Economic Observer Monday

The percentage of domestic supply will rise to over 45 percent by 2015, the sources said, a substantial rise from the level of 32 percent in 2010.

Ding Gen, senior analyst with, said that a 13 percent rise in supply was possible.

Steel has become a pillar industry in China, having contributed a lot to the fast growth of its economy. China consumes an annual average of 700 million tons of crude steel, Rong Gang, chief economist with, told the Global Times Monday.

As more than half of China's iron-ore demand is met through imports, primarily from Brazil and Australia, the pricing of iron ore has become a heated issue.

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