China aims to diversify its iron ore supply sources and strengthen its bargaining power in purchasing, according to the country’s Ministry of Industry & Information Technology (MIIT). Seeking feedback on a steel masterplan that will form part of the country’s 14th Five-Year Plan, MIIT said in a document published on Thursday December 31, that one of its goals was to strengthen the iron ore resources for its giant steelmaking industry, including increasing domestic iron ore and ferrous scrap supplies, along with building a network of overseas mines.
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