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China has domestic iron ore reserves of 62.4 billion tons, but most iron ore mines have low iron content, adding to the costs of mining one of the most useful metals in the world.
When imported iron ore costs are lower, domestic miners suffer from lost profits, with some pushed out of business. But with the surging domestic ore prices spurred by rising imported ore prices, China's miners have shifted back to sourcing from the local markets.
Iron ore producer China Tian Yuan Mining's planned listing comes on the back of strong domestic demand and a recovery in the global commodities market.
Tian Yuan, the largest private iron ore producer in Hebei province, plans to raise up to 400 million dollars in an initial public offering ahead of a listing in Hong Kong, Dow Jones quoted an unnamed source as saying on Friday.
China is the world's largest consumer of raw materials for steel making. The country's crude steel demand this year is forecast to reach 620 million tons, up about 10 percent from last year.
Steel mills increased iron ore imports by 42 percent to a record 628 million tons last year, and imported ore accounted for up to 69 percent of total consumption by Chinese steel mills, according to official data.