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In 2012, China's reliance on imported iron ore was approaching 70%, a figure that has continued to rise as domestic production declines. With the country's iron ore output failing to keep pace with demand, the dependency on foreign sources is expected to grow even further in the coming years.
At the "2013 China International Mining Conference," Wang Yingsheng highlighted that over the past five years, China’s reliance on foreign iron ore has steadily increased. The percentage first crossed 60% in 2009 and climbed closer to 70% by 2012, reflecting a growing trend in import dependency.
Recent data from the China Steel Association shows that in September this year, iron ore imports rose by 8.1% compared to the previous quarter, reaching 74.58 million tons. Of this, Australia supplied nearly 40 million tons—more than half of the total for the month. From January to September, cumulative imports reached 600 million tons, an increase of 9% year-on-year. Notably, the share of Australian iron ore in total imports rose by 3.93 percentage points during this period.
According to Wang Yingsheng, major global iron ore producers, excluding Vale, have maintained steady growth in output this year. Fortescue Metals Group (FMG) has seen particularly strong performance. Between 2013 and 2015, the four major mines plan to boost production by 470 million tons. Additionally, several new mining projects are set to expand their operations, which could significantly increase the global supply of iron ore in the future. This potential surge in supply may help ease some of the pressure on China’s import dependency, but the long-term trend still suggests a continued reliance on foreign sources.