China is pushing to accelerate domestic iron ore projects in pursuit of independence

The China Iron and Steel Association has urged domestic iron ore producers to accelerate the implementation of key projects, as the world's largest consumer of the ore faces a challenge due to its reliance on imported supplies from major producers such as BHP. Vice President Xia Nong said in a statement issued Monday evening that the association will intensify efforts to ensure the stable operation of local iron ore mines and promote the reform of the production structure in the steel sector, following a meeting held at the end of last month with Chinese producers and government agencies. China imports more than 1 billion tons of iron ore annually for its massive steel industry and has established a state-owned trading company with the aim of shifting the balance of power away from major producers such as BHP and Rio Tinto Group. Domestically produced iron ore is often of low quality, making overseas shipments essential for steelmakers.