Domestic iron ore a key priority, industry report says

To ensure the supply of resources is one key task for China's steel industry during the 14th Five-Year Plan period (2021-2025), and domestic iron ores form a key plank of the national strategy, a China Iron and Steel Association report said.

In a bid to strengthen the sector's resource support capability, using iron ore resources in China to raise the self-sufficiency of iron ore in China will be a key task, said Shen Bin, president of the China Iron and Steel Association, during a general assembly of the association in Shanghai on Thursday.

"About 80 percent of China's iron ore is imported for the moment, which heavily restrained the sustainable development of China's iron and steel industry," said Chen Kelong, an official from the Ministry of Industry and Information Technology.

Due to insufficient domestic iron ore supply, Chen suggested the sector seize the opportunity in domestic iron ore development. Once the whole industry collaborates, along with an improved policy environment, China's domestic iron ore supply can be enhanced.

Thanks to strong demand, China's iron and steel industry manufactured 563 million tons of crude steel during the first six months, an increase of 11.8 percent year-on-year. In the meantime, 561 million tons of iron ore were imported, up 2.6 percent from a year ago, according to Shen.

In his report on accelerating China's iron and steel industry's high-quality development, Shen also noted other key tasks for the coming five years include deepening supply-side structural reform, improving technological and innovative capability in the direction of green and low-carbon development, optimizing industrial structures, promoting intelligent manufacturing, raising industrial standards, improving quality and efficiency, and further opening-up and collaboration.