Monopoly of iron ore may be broken by 2015
Updated: 2011-03-24 13:11
By Ren Jie (chinadaily.com.cn)
Three mining companies dominate the iron ore industry. But that monopoly may be broken within four years, and China's dependence on imports may decline to 42 percent, Shanghai Securities News reported Thursday.
Wu Rongqing, chief engineer for the industry development department of the China Mining Association (CMA), said the world's total iron ore deposits could satisfy human use for 100 years. He predicted that the domestic output may jump to 1.5 billion tons by 2015, and the supply of end products may reach 760 million tons.
Wu also said the supply of iron ore will exceed the demand by 2013 or 2014 as more investments enter the sector for major profits. He said he believes internationally emerging suppliers will show up and scramble for China's large market quotes.
Brazilian mining giant Vale will not set up a distribution center in China, according to China Securities Journal. Analysts said even though the mine denied that iron ore will become a buyers' market in the coming years, it has already put the whole Asian emerging market on its layout.
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