Mr. Li Chuangxin, the deputy secretary general of China Iron and Steel Association (CISA) said that China planned to pour huge amounts of funds to develop iron roe assets in overseas market to reduce reliance on the big three iron ore giants including Vale, BHP Billiton and Rio Tinto.
According to data, China's imports of iron ore from Brazil, Australia and India in 2010 accounted for 62.3% of its total demand, reflecting heavy relay on imported sources.
Mr. Li pointed out that the country has aimed to acquire overseas iron ore assets to fight against the monopoly of the three mining giants.
He indicated that China has targeted to reduce its dependence on iron ore imports to below 50% from the current 62.3%