According to National Bureau of Statistics, China – world’s largest consumer and importer of iron ore has witnessed rise in crude iron ore production for Q2 CY19. The production recorded 13% rise Q-o-Q at 212.4 MnT, as against 188.32 MnT in Q1 CY’19. The production picked up as miners ramped up production amid hike in iron ore prices both in global & domestic market.
As per NBS data, output was favored during the quarter because nearly all the main ore-producing regions nationwide increased their production during the quarter including China’s top three iron ore mining areas – North China’s Hebei province, Northeast China’s Liaoning province and Southeast China’s Sichuan province.
For H1 CY19, production recorded at 400.72 MnT as against 390.57 MnT in H1 CY18.
For June’19, the production witnessed 3% rise to 73.1 MnT compared to 70.8 MnT in May’19.
China iron ore & pellet imports fell in Q2 CY19
China iron ore imports for the quarter Q2 CY19 recorded at 239.7 MnT, down 8% as compared to 260.76 MnT in Q1 CY19. The total imports by the country for half year H1 CY19 depicted 6% fall to 500.46 MnT as compared with H1 CY18 at 530.48 MnT.
Average global iron ore fines prices increased on quarterly basis
The spot iron ore fines (Fe 62%) index price for Q2 CY19 witnessed a hike of 22% to USD 100/MT as against USD 82/MT in Q1 CY19. The prices increased during the quarter and reached at USD 118/MT, CFR China towards June’19 end, hovering five years high amid material shortage.
Monthly average global iron ore fines (Fe 62%) prices in June’19 recorded at USD 109/MT as against May’19 at USD 99/MT, CFR China.
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