Analysts predicted that China's annual iron ore production would reach 290 million tons, an eight-year high, as new capacity came online and the nation's tough COVID restrictions on mining were lifted.
Beijing's plans to lessen its reliance on imports of the steelmaking raw material, which are typically around 1 billion tons annually, are supported by the production, which is at its highest level since 2015.
According to Xiao Wei, director of iron ore research at a Chinese consultancy firm, local supply will increase by 7 million tons, or 2.4 percent, from a year earlier to 293 million tons, he said at a conference in Qingdao.
The higher projections follow relatively low volumes last year brought on by logistical and labor issues brought on by COVID regulations, environmental protection, output limitations, and weak demand.
Production was also impacted by and is still being impacted by safety checks at mines following a string of accidents last year, according to Xiao.
The government-backed industry group China Iron & Steel Association (CISA) unveiled a plan last year to increase domestic iron ore supply to 370 million tons by 2025.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only