According to National Bureau of Statistics, China – world’s largest iron ore consumer and importer has produced 64.76 MnT crude iron ore in July’18. The production has declined by 44% compared to 114.66 MnT in July’17.
However, on monthly basis the production stood almost stable compared to June’18 production at 65.5 MnT.
China has produced 455.33 MnT of iron ore for the duration Jan-July’18 down by 39% on yearly basis against 748.03 MnT for same duration last year (Jan-July’17).
China’s total iron ore imports for Jan-July’18 witnessed at 620.63 MnT, down 2% as against same duration previous year (Jan-July’17) at 635.18 MnT.
China’s iron ore production has come down amid closure of mines. Due to imposed strict govt. regulation to control smog related problems China has started revoking a decent number of iron ore mines licenses in Oct’17. Miners are forced to upgrade the mining process to match the guidelines given by the China govt.
Monthly average spot iron ore prices down 2% in July’18
Average global iron ore fines (Fe 62%) prices in July’18 recorded at USD 65/MT, CFR China down by 2% against USD 66/MT, CFR China.
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