Since 2004, China has been the world's largest importer of iron ore and will remain the largest importer in the future. It is estimated that China imported 71,300 tons of iron ore in 2012, an increase of 11% year-on-year. The key factor determining the scale of China's iron ore imports is the rate at which domestic iron ore production capacity is put into production, as well as the production cost and quality of domestic iron ore. Compared with imports, China's domestic iron ore grades are lower, and the marginal production costs of many mines are higher. Therefore, the proportion of imported iron ore in China's iron ore consumption depends on the production of China's domestic mines, while China's domestic mine production depends on iron ore prices. Looking into the future, Chinese steel companies will still rely on the purchase of imported ore, mainly due to the decline in the quality of domestic iron ore, the steel mills built in many coastal areas are more likely to obtain imported iron ore; the upgrading of Chinese steel products, the increase of high-quality iron ore Demand, while high quality iron ore is mostly from Australia and Brazil. In the future, China's iron ore imports will grow at an average annual rate of 5%. By 2017, imports will reach 854 million tons, accounting for 57% of the world's total iron ore imports. South Korea, the European Union and Japan are also major importers of iron ore in the world. Corresponding to a small increase in steel production, the average annual growth rate of iron ore imports in the above three regions will be 5%, 2% and 2% respectively. .
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