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China’s top steel industry executives and senior government officials outlined a strategy for achieving the five-year targets in an article published this week, which highlights the Chinese government’s frustration with volatile iron ore prices and its desire to follow Japan’s lead by investing heavily in offshore mines.

The article published in the state-backed Economic Daily singled out Australia and Brazil for dominating China’s imports of the steel-making ingredient.

Mr Chen outlined a target to have mines with majority Chinese equity stakes providing more than 20 per cent of imported iron ore by 2025, compared with 8 per cent currently. The article noted that overseas mines partly owned by Japanese interests accounted for 60 per cent of that country’s imports.

Mr Chen acknowledged the high risks in his comments and noted most of the world’s high-quality iron ore resources had already been carved up by developed countries.

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<blockquote data-quote="Dona Ferentes" data-source="post: 1148573" data-attributes="member: 66457">China’s top steel industry executives and senior government officials outlined a strategy for achieving the five-year targets in an article published this week, which highlights the Chinese government’s frustration with volatile iron ore prices and its desire to follow Japan’s lead by investing heavily in offshore mines.The article published in the state-backed Economic Daily singled out Australia and Brazil for dominating China’s imports of the steel-making ingredient.Mr Chen outlined a target to have mines with majority Chinese equity stakes providing more than 20 per cent of imported iron ore by 2025, compared with 8 per cent currently. The article noted that overseas mines partly owned by Japanese interests accounted for 60 per cent of that country’s imports.Mr Chen acknowledged the high risks in his comments and noted most of the world’s high-quality iron ore resources had already been carved up by developed countries. ??</blockquote>

[QUOTE="Dona Ferentes, post: 1148573, member: 66457"] China’s top steel industry executives and senior government officials outlined a strategy for achieving the five-year targets in an article published this week, which highlights the Chinese government’s frustration with volatile iron ore prices and its desire to follow Japan’s lead by investing heavily in offshore mines. The article published in the state-backed [I]Economic Daily[/I] singled out Australia and Brazil for dominating China’s imports of the steel-making ingredient. Mr Chen outlined a target to have mines with majority Chinese equity stakes providing more than 20 per cent of imported iron ore by 2025, compared with 8 per cent currently. The article noted that overseas mines partly owned by Japanese interests accounted for 60 per cent of that country’s imports. Mr Chen acknowledged the high risks in his comments and noted most of the world’s high-quality iron ore resources had already been carved up by developed countries. ?? [/QUOTE]

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