Mr Li Xinchuang deputy secretary general of China Iron & Steel Association said that China Iron & Steel Association encourages home steel mills to continue to invest in offshore iron ore resources in a downturn.
Mr Li said that the passive situation in Chinese steel industry was the consequence of omission 10 years ago.
He said that China paid extra 300+ billion dollars during 2003 -2011 due to iron ore price hike.
Mr Liu Yikang deputy general secretary of China Mining Association said that "When steel making was profitable, neglected upstream. They go out for iron ore only when it became hot. That was not insightful. Japanese, Canadian and Mongolian all have gone outside long time ago."
Source – www.steelhome.cn
China steel information centre and industry database
(www.steelguru.com)
