Scrap predicted to play bigger role in China's steelmaking industry

China's iron ore demand is expected to see a continuous decline in the next few years, due to growing awareness of environmental protection and increased consumption of scrap steel, experts said.

In 2020, China's iron ore consumption is expected to reach 960 million metric tons, a decline of 150 million tons year-on-year, according to a research note from Industrial Securities.

"In the future, with more scrap being used by Chinese steel companies, iron ore demand will drop gradually," it said.