China Offshore Iron Ore Equities Will Rise From Currently 60 Million Tonnes

Sina Finance quoted Mr Zhu Jimin chairman of China Iron & Steel Association as saying that China offshore iron ore equities will rise to 150 million tonnes in 2015 from currently 60 million tonnes, reported on December 8th.

According to a survey into China's offshore iron ore investments conducted by China Metallurgical Industrial Planning and Research Institute last year, China had more than 38 billion tonnes of iron ore resources.

Wuhan Steel, Baosteel, Shougang etc are large holders of offshore iron ore resources. Starting from last year, Wuhan Steel, Shandong Steel etc have shipped offshore interests to China.

Mr Li Xinhuang President of China Metallurgical Industrial Planning and Research Institute said that currently, less than 10% of iron ore imports to China are Chinese equities.

The Institute said that it expected to have 200 million tonnes of capacity in equity mines by 2015.