China to Triple Overseas Iron Ore Supplies

Chinese overseas mining rights of iron ore are expected to increase rapidly in the next five year, according to new targets outlined by the China Iron and Steel Association. More than 50 percent of offshore materials will come from mines whose rights are owned by Chinese steel companies, up from around 15 percent at present. Together with the increase of overseas mining rights, the supply of domestic iron ore will also increase to 45 percent relative to the country's total requirements by 2015 from less than 40 percent.