China will increase its domestic iron ore production by 30%, increase its recovery of crap steel and significantly boost its investment in overseas (not Australian) mining operations.

The Australian Financial Review (may be gated) outlines China's strategy for achieving five-year targets to ease its concerns over volatile iron ore prices, and its desire to follow Japan's lead by investing heavily in offshore mines.

The AFR cite an article published in China's state-sponsored media outlet Economic Daily:

  • "The control of overseas iron ore resources is obviously insufficient, and more than 80 per cent of the import volume comes from Australia and Brazil. The risks to resource security are prominent"

More at that link above.

ICYMI - China’s plan to end its dependency on Australian iron ore