China plans to supply 45% of its iron ore use by 2015, an increase from last year's 32%.
The country also aims to get half of its iron ore imports from Chinese-invested mines to break the grip of the three major global miners, Vale SA, BHP Billiton and Rio Tinto, according to a report from Economic Information Daily, a Beijing-based Xinhua-run newspaper.
China, the world's largest consumer of iron ore, has increased domestic production of the mineral and increasing overseas investment to secure supplies as its steel firms, mainly dependent on imports, have been subject to price fluctuations.
The country imported 618Mt of iron ore in 2010, taking up more than 68% of its consumption. In the first eight months of this year, China imported 448Mt of iron ore, up 3.5% year-on-year, data from the Ministry of Industry and Information Technology (MIIT) showed.
The average price in the period increased by 38% from the same time last year to $163.75/t. The price increase added RMB130bn ($20.47bn) in costs for China's steel firms, according to MIIT.
Whether China is able to guarantee the iron ore supplies matters to the development of the country's steel industry, said Luo Tiejun, deputy director of MIIT's raw material department.
The profit ratio of medium-sized and large steel enterprises is 3%, lower than the 6% of the industrial sector in China, according to MIIT.
China is working to establish a guarantee system for iron ore supply, according to the 12th Five-Year Development Plan (2011-2015) for the iron and steel industry, made public on MIIT's website on Monday.
According to the plan, China will encourage steel firms to cooperate with resource-rich countries, especially its neighbours, to co-exploit iron ore mines.
According to the plan, China will continue to step up domestic exploration and mine consolidation. It also vows to improve the order of the iron ore market in China.
The country's annual crude steel consumption will reach around 750Mt/y by 2015, said the plan.
