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New iron ore production capacity from the world’s top three iron ore miners will total about 100 million tonnes, while domestic concentrate output will increase by 20 million tonnes this year, according to a recent statement from China’s economic planner.
The iron ore market will inevitably go into a surplus, it said, as a total 300 million tpy in new iron ore capacity is expected to come on stream in 2013-2015.
The NDRC also predicted that China’s crude steel output would reach 746 million tonnes in 2013, up 30 million tonnes or 4.2% on an annual basis.
China’s iron ore demand will increase by 50 million tonnes in 2013, lower than the expected expansion in supply, the country’s National Development & Reform Commission (NDRC) said.