China has successfully added 50 million metric tons of iron ore concentrate capacity in 2022, according to Luo Tiejun, vice chairman of the state-backed China Iron and Steel Association (CISA). This move is part of China's strategic plan to increase domestic iron ore supply, aiming to reach 370 million tons by 2025, up from 286 million tons in 2022. As the world's leading steel manufacturer, China currently imports 80% of its iron ore and seeks to enhance self-sufficiency. The additional capacity is integral to the "cornerstone plan," and more than a dozen key iron ore projects have already commenced to ensure a stable supply. China produced 215.46 million tons of iron ore concentrate from January to September 2023, showing a 1.3% year-on-year increase. Further acceleration of iron ore project construction is expected to secure supply and contribute to a total iron ore production of around 300 million tons in 2024.

SOURCE: GOOGLE