Minmetals: Iron ore shortage to ease over coming years

China’s shortage of iron ore supplies should gradually ease over the coming years with increased overseas mining acquisitions and mineral finds on the mainland, state media reported, citing Zhou Zhongshu, president of China Minmetals, one of the country’s top metals producers. Zhou said he expects China’s iron ore output to reach more than 1.3 billion tons over the next three to five years. According to the Ministry of Land and Resources, domestic iron ore output rose 26% year-on-year to 780 million tons over the first nine months of the year. However, China’s appetite for the raw material continues to grow, driven by an expanding manufacturing sector, such as autos, as well the country’s ongoing drive for urbanization.