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 Q3 CY’19. The production recorded 6% rise to 225.7 MnT, as against 212.4 MnT in Q2 CY19. On yearly basis, output increased 15% as compared to 196.34 MnT in Q3 CY’18. Chinese steel mills preferred domestic iron ore concentrate and pellet amid high global prices and falling steel margins.
For CY19 (Jan-Sep), crude iron ore production recorded at 626.4 MnT, up 7% as against 586.90 MnT in CY18 (Jan-Sep).
For the month of Sep’19, iron ore output increased 4% to 77.4 MnT as compared to 74.3 MnT in last month.
China iron ore imports up 19% in Q3 CY19
China’s iron ore imports recorded 19% increase in imports to 285.23 MnT in Q3 CY19 as against 239.7 MnT in Q2 CY19. The imports for the quarter picked up amid easing supplies from largest iron ore miners. Vale- announced resumption at its Brucutu mines and also resumed partial operation at its Vargem Grande Complex in Q3 CY19. Chinese iron ore imports for the month of Sep’19 recorded 5% rise to 99.36 MnT in Sep’19 against Aug’19 imports at 94.85 MnT. The imports have hit 20- months high for the month as the level was last witnessed in Jan’18 at 100.32 MnT.
Average global iron ore fines prices picked up on monthly basis
The spot iron ore fines (Fe 62%) index price for Q3 CY19 stood at USD 102/MT, CFR China against previous quarter at USD 100/MT, CFR China. For Sep’19 the spot iron ore fines index witnessed at USD 93/MT, CFR China against USD 92/MT, CFR China in Aug’19.
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