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China intends to tighten control over strategic mineral resources

Mining industry / Asia

Beijing rightly believes that China is too dependent on foreign supplies of iron ore, manganese and chromium to quickly move to green metallurgy.

China intends to tighten control over strategic mineral resources

Beijing will "strengthen command and control" over its strategic mineral resources, the PRC government said on Friday. China, the world's largest consumer of metals, relies heavily on overseas markets to import certain raw materials such as iron ore, manganese and chromium.

Beijing has pledged to improve its ability to secure its mineral reserves and conduct a new round of ore exploration in the next five years, according to the country's economic and social development plan for the period from 2021 to 2025.

In December, the Ministry of Industry of the PRC announced that China intends to build one or two globally significant overseas iron ore deposits by 2025 in order to increase supply and increase its role in pricing.

In the five-year plan, China has also pledged to promote green transformation in the steel sector.

According to the plan, China plans to complete the modernization of 530 million tonnes of ultra-low emission steel production facilities and modernization of cleaner production for 850 million tonnes of cement and 460 million tonnes of coke.

Around 620 million tonnes of steelmaking capacity has already been upgraded to ultra-low emissions or is in the process of being upgraded by the end of 2020. China produced 1.065 billion tons of metal last year.

China will work to achieve peak carbon emissions by 2030 and carbon neutrality by 2060. This is stated in the report on the work of the government submitted to the 4th session of the 13th National People's Congress on Friday.

According to the document, China will develop an action plan to reach a peak in carbon emissions by 2030 and optimize the production structure and the structure of energy resources.

China Iron and Steel Association expects steel demand to rise slightly in 2021.

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