China’s on-going iron ore projects approximate 120 million tons
During a forum held by iron ore industry yesterday, Zou Jian, president of China metallurgy and Mining Enterprise Association indicated that there are 17 iron ore projects (each over 2 million tons) under construction with totaled scale of 120 million tons, which will be put into production in 2 or 3 years.
World financial turmoil will seriously inhibit the growth of Chinese iron and steel industry, he said, China's domestic iron ore increase has been able to meet the incremental needs of iron and steel production. Starting from the end of this year, the iron ore price will say goodbye to huge profits and enter a relatively stable period, he added.
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