Iron ore is an important component in the production of iron, which is an essential material for human life. Iron ore belongs to the mineral composition of rocks rich in iron, and needs to be mined in order to obtain iron for various uses. Iron ore deposits are usually found in the form of hematite, or magnetite. Iron ore is usually mined from open pit or underground mines.
In China, rich iron ore deposits can be found in many places, especially in the northern parts of the country. Many Chinese iron ore deposits are located in areas with rich natural resources, such as Shanxi, Hebei, and other provinces. As a result of their development, these iron ore reserves have significantly contributed to China’s rapid economic growth in recent years.
In terms of commodities, China is the largest producer of iron ore, accounting for more than 70% of global production. This is largely due to the fact that China has the greatest number of iron ore minerals in the world. For example, China has more than 400 kinds of iron ore, and half of them have been identified and have potential commercial values.
In terms of production, China has become a major supplier of the world’s iron ore requirements, having exported more than 340 million tonnes of iron ore in 2018. Iron ore is primarily used to manufacture steel. It is estimated that approximately 98% of China’s total iron ore products is used for steel production.
In addition, Chinese iron ore reserves are of very high quality, with an average iron content of 66-67%. On the other hand, the average iron content for Brazilian ore is 48%, for Australian ore is 54-58%, for India ore is 55-62%, and for South African ore is about 63%. Therefore, it is not surprising that China has become one of the top suppliers of iron ore to the global market.
In the last few years, the Chinese government has been making efforts to improve the resources and quality of its iron ore reserves to further reduce costs and increase profits. Several government-led research programs looking into increasing ore content and improving efficiencies in smelting and processing have been set up. The Chinese have also invested heavily in developing more efficient production technologies such as sintering, pelletizing, and agglomeration techniques.
All these efforts have paid off, and today, Chinese iron ore industry is producing 50-80% of the world’s iron ore. In addition, Chinese companies control or influence three of the world’s five biggest iron ore miners, Rio Tinto, Vale, and BHP Billiton. This goes to show the immense potential and importance of China’s rich iron ore reserves, and underscores the need to preserve and protect the environment at the same time.
