Imported iron ore will account for half of China’s total consumption by 2030 as domestic supply grows and there is more use of scrap steel, an analyst from a think tank of state-backed China Mineral Resources Group said on Tuesday.
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Imports currently account for around 80% of China’s total iron ore consumption.
China’s share of global steel output will fall to 46% by 2030 from 52% last year, as lower consumption reduces the country’s production, Yilin Wang, general manager of the department of market research and external cooperation at the CMRG Institute, told delegates at an industrial conference in Singapore.
(By Amy Lv and Ruth Chai; Editing by Kirsten Donovan)
