Rio Tinto CEO says demand to grow

Li Xinchuang, head of the China Metallurgical Industry Planning and Research Institute, said China's iron ore imports will rise to 870 million tons in 2014 with annual growth of 6 percent.

China has depended highly on iron ore from Australia and Brazil. That accounts for around 70 percent of the nation's iron ore imports. The National Development and Reform Commission, the country's economic planner, encourages Chinese companies to buy overseas iron ore assets to cut dependency on foreign supply.

China will meanwhile increase ore imports from Africa to diversify supply.

China is establishing trade relations with 15 African countries to secure iron ore supplies, Li said. Africa accounts for only 8 percent of China's iron ore now.

Against that background, major international mining companies are expanding output and capacity to grab a bigger market share in China. That's even when prices for the mineral are falling.

Since the beginning of 2014, iron ore fell 20 percent from the same period last year.

Rio Tinto said in its corporate report that iron ore output for the first quarter grew 8 percent year-on-year to 66.4 million tons.

It expects to produce 295 million tons in 2014 and expand annual capacity of its port, railway and power infrastructure to 360 million tons by the first half of 2015.

BHP Billiton Ltd, an Australian miner, reported 49.57 million tons of iron ore output for the first quarter, 23 percent annual growth.

In its first-quarter report, the company raised its yearly output target to 217 million tons.

Perth, Australia-based Fortescue Metals Group Ltd increased output 56 percent to 31.5 million tons for the first quarter.

China has tried to cut overcapacity in domestic steel mills to reduce pollution and keep development sustainable. That leads to increased output and delivery from foreign miners competing for market share.

"My business is long-term and a network-building business," Walsh said.

The job isn't just supplying commodities. Our relations go deeper, he said.

Steel sector still facing profitability problems	China seeks more influence in setting iron ore prices