Although many steel mills in China have adopted a strategy of going global to gain more resources in recent years, their overseas mines have failed to meet expectations, said Liu Xiaoliang, secretary general of the China Metallurgical Mining Enterprise Association, at the 13th China International Steel and Raw Materials Conference in Qingdao
Only 13 projects with overseas mining interest have came on stream so far, which could supply domestic owners with about 62Mt/y of iron ore accounting for 8.3% of the country’s total imports.
However, in Japan and Europe, overseas mines contributed more than 50% of ore imports, Liu added. Liu pointed out that Chinese enterprises had developed overseas iron ore resources for about six to seven years, but only a few projects had started production and the majority of the projects were still in the preparatory stage. It was hard to say whether these projects would produce the desired results.
Source: China Metals e-mail email@example.com