China to build new iron ore mines overseas
As reported by financialpost.com and Reuters, China wants to build one or two “competitive” iron ore mines overseas. And source more than 20% of its total imports from overseas mines by 2025. The Ministry of Industry and Information Technology said on Dec. 31, 2020.
China will ban new steel capacity
The country will also strictly ban new steel capacity. Steel production at the five largest mills will be increased by 40% of total output, the Industry Ministry said in a statement, asking for public opinion.
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