According to the National Bureau of Statistics, China – the world’s largest consumer and importer of iron ore has witnessed crude iron ore production at 79.25 MnT in Nov’19, up slightly on monthly basis as against 78.05 MnT in Oct’19.
On yearly basis, output increased 15% as compared to 68.89 MnT in Nov’18.
For CY19 (Jan-Nov), crude iron ore production recorded at 783.72 MnT, up 8% as against 724.62 MnT in CY18 (Jan-Nov).
China iron ore imports Down in Nov’19
China recorded total iron ore and pellet imports at 90.65 MnT in Nov’19. The imports witnessed a slight fall of 2% on monthly basis compared to 92.86 MnT in Oct’19. The decline in imports is attributed to falling shipment from major miners. Vale (Brazil) on 11th Nov reduced iron ore and pellet sales guidance to 307-312 MnT for 2019 amid dealing with the aftermath of the Brumadinho dam disaster of Jan’19. Also, shipment from Australia’s Port Hedland to China depicted drop for the month.
Average global iron ore fines prices fell in Nov’19
The spot iron ore fines (Fe 62%) index price for Nov’19 stood at USD 84.5/MT, CFR China as against USD 89/MT, CFR China in Oct’19.
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