China Business

Nov 9, 2005

Iron ore production to maintain high growth

BEIJING - China will maintain high growth in iron ore production in 2006 in a bid to meet the growing demand of the country's iron and steel sector, said a senior expert recently.

China turned out 279.65 million tons of iron ore in the first three quarters of this year, up 29.6% year-on-year, and the growth momentum will be maintained for the whole year, said Luo Bingsheng, deputy president of the China Iron and Steel Industry

Association. Luo said that China will control the growth in iron and steel output in 2006 and give priority to upgrading quality, expanding product varieties, reducing energy consumption and transforming the growth pattern.

The country's iron and steel output will continue to grow in 2006, but at a pace lower than in 2005, he said. Iron ore producers are actively expanding production capacity, which will help to strike a balance between iron ore supply and demand in general, he predicted. China's iron and steel enterprises will actively take part in the international iron ore price negotiation so as to enhance its say in the sector, he added.

In recent months, high levels of steel production within China have turned the country into a net steel exporter.

(Asia Pulse/XIC)

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