China's steel industry needs foreign ore

Ulhas Joglekar ulhasj at SPAMbom4.vsnl.net.in
Fri Oct 27 20:35:15 MDT 2000


Monday
23 October 2000

China's steel industry needs foreign ore
BEIJING: China's steel industry will become increasingly reliant on imported
iron ore as rapid economic development depletes domestic reserves, state
media said on Sunday.
Experts predict that China's growing appetite for steel and other iron
products will exhaust all of its remaining ore reserves - some 18 billion
tonnes - within 40 years, the Business Weekly newspaper reported.
With China's mines already unable to keep up with demand, more companies
were beginning to seek foreign suppliers or open their own mines abroad, the
report said.
In five years, China's imports of iron ore will jump by about a third to 80
million tonnes a year, the report quoted an official as saying. China
already produces more steel than any other country - more than 100 million
tonnes a year, the report said.
US companies and labour unions have accused China of unfairly selling steel
at prices below production costs and have called for restricting China's
access to the US market.(AP)
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