It was said from the China Metallurgical Geology Bureau over the weekend that exploration work in the eastern region of north China’s Hebei Province shows potential iron ore reserves in this area are estimated to top 10 billion tons.
A total of 3.44 billion tons of iron ore have been verified in five mines in the province, said Yan Xueyi, the bureau’s director.
The discovery of this deposit would largely ease the shortfall in China’s domestic iron ore supplies and contribute to a sound and sustainable development of the country’s steel industry, according to Yan.
China imported 443.56 million tons of iron ore in 2008, bringing the country’s reliance on imported iron ore to around 50 percent.
The country’s steel mills suffered an unfavorable position during the annual iron ore pricing talks as overseas miners allied to ask for a higher price.