A high-grade iron ore deposit has been discovered in east China's Shandong Province, with estimated reserves at 104 million tonnes.

The Department of Natural Resources of Shandong Province has identified 16 high-grade iron ore bodies in the Qihe-Yucheng region.

High-grade iron ore typically has a total iron content of over 45 percent -- making it a strategic mineral resource in short supply in China.

Hu Zhiyong, an official with the department, said the newly confirmed high-grade iron ore deposit is one of few in China, and is notable for its large distribution, considerable ore body thickness, high ore quality, and promising exploration potential.

He emphasized the global imbalance in iron ore supply and demand, noting that major reserves are concentrated in countries such as the United States, Australia, Brazil, Russia and China. Despite having iron ore reserves, China faces a shortage of high-grade iron ore.

The Qihe-Yucheng area, now poised to become a major high-grade iron ore base, is expected to alleviate some of the resource challenges facing China and improve the nation's security in terms of iron ore supply, he added.

As of 2022, a total of 173 kinds of minerals had been found in China, according to a report released by the Ministry of Natural Resources.