China is aiming for 45% self sufficiency in iron ore and fifty percent control over imported iron ore, according to the draft China's 12nd Five Year Plan. The document stated that the country has planned to supply over 45% of iron ore domestically to its large steel industry.
Also, the country has aimed to obtain 50% control over iron ore imports.Currently, the country relies on import to sustain its steel making industry and over 60% of the iron ores are from imports, Yieh.com reported