There was a rumor quite some time back that China’s economy is experiencing a slowdown. This rumor dearly costed the iron ore industry as China being the largest consumer in the world for iron ore. It is estimated that China alone consumes the same quantity of iron ores as consumed by the rest of the world. However, it proved to be a sheer rumor as China has imported almost 74.58 million tons of iron ore during September 2013. This is an all time high figure and it denotes that China’s economy is growing as far as the iron industry sector is concerned.
The production rate of steel in China has increased and it is estimated that about 2.4 m tons were produced every day in September. As the demand for the steel from China keeps on increases, the production will catch up momentum in the near future. This indicates that more China may require more iron ore in the future. Realizing the situation the new Chinese leadership has opened the mining industry for market forces. Although this new policy paid well initially, the high mining cost and poor quality of the ores available in the domestic mines haunts China.
This news has created a new enthusiasm among the miners all over the world. Many mining companies engaged in iron ore mining have started increasing their production and as a support to them, mining equipment and tools manufacturers have come up with new technologies to increase productivity and to reduce the mining costs. Fuel efficient and fast drilling hydraulic blast hole drilling rigs are good examples. There is no doubt that the days to come will witness more development in technology to support high productivity.