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CISA Chairman Calls for Higher Domestic Iron Ore Production

Steel News - Published on Tue, 26 May 2020

Image Source: China Iron Ore
China's steel association and major steelmakers have called for an increase in domestic iron ore production as well as greater investment in exploration overseas to ensure supplies. China Iron & Steel Industry Association chairman Mr He Wenbo recommended at the Chinese People's Political Consultative Conference in Beijing that China should set a national strategic goal of keeping its domestic iron ore output at more than 20% of total demand. He proposed that revenue from a value-added tax levied on iron-ore imports be channelled into a national iron ore development support fund to strengthen investment in domestic mines. He also suggested that steel firms investing in new mines or expanding production at existing deposits should be exempted from income tax.

He added "We should continue to actively promote joint investment and cooperation with mainstream miners while also focusing on undeveloped resources in Africa and Canada."

The CISA chairman also urged increased collection and utilisation of steel scrap, a more environmentally friendly alternative to iron ore in steel making.

He Wenbo said relevant parties are working on a national standard for steel scrap which will allow the material to enter China as a resource instead of a restricted solid waste.

Source :

Posted By : Yogender Pancholi on Tue, 26 May 2020
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