China's steel and iron ore demand forecast study

China's industrialization and urbanization rely on the basis raw material of massive iron and steel, thus require huge mount of iron ore. According to the steel consumption rules in industrialized countries during last 100 years and the characteristics of China's iron and steel production, China's steel output growth will decline for the next 10 years. By 2020 China's crude steel demand will reach 680 million tons, equivalent to the crude steel capacity from 2.38 billion tons of domestic average grade iron ore. With the technical innovation and progress, industrial structure adjustment and prospecting new iron deposits and other factors, domestic iron ore production is expected to reach 11-12 million tons by 2020, and foreign dependence of iron ore will be significantly reduced.