Is this story even legit? 3200x productivity boost? The article was written on SCMP by Stephen Chen.
Actually the article said 3600 fold, from 6 hours (rocks to liquid iron) to 6 seconds (powder to liquid iron droplet). The tech is still in its early stage, we don't know the full process time reduction yet. But it is still very significant even if time reduciton isn't big because the process can use low quality ore as well as high quality ore. China is rich in iron ore but in lower lower quality than Australia, if this tech is in operation, China would become fully independent in steel.
Are there any other reports of this supposed breakthrough other than the Stephen Chen article? If true it is indeed a big deal but it smells like misinformation.
This tech "flash smelting" has been around for decades, it is mostly used in practical production of various nonferrous metals such as copper and silver. The significance of the new report is iron.
BTW, this 2004 paper said that China was tier one player in the field with some areas being in the lead, now 20 years later China having some breakthrough isn't surprising at all.
Stephen Chen is always sensational and exaggerating, but the subjects he report are often of real things, just not as shocking as he made them sound.