China, the world’s largest iron ore consumer produced around 116.6 MnT ROM (Run-of-mine) in Nov’16. Crude iron ore production decreased by 2% M-o-M amid surge in global iron ore prices.
On Y-o-Y basis, crude iron ore production remained almost stable.
The total volume of crude iron ore production in the first 11 months of 2016 was registered at 1,179.6 MnT, significantly down by 5.6% Y-o-Y as it was 1,250 MnT in the same period prior this year.
Global iron ore prices gained significantly last month. In Nov’16, the monthly average iron ore prices for Fe 62% Australian fines moved up sharply by USD 14/MT and was registered at USD 72/MT CFR China against USD 58.2/MT, CFR China in Oct’16.
Meanwhile, Chinese iron ore imports surged 14% in Nov’16. The country imported 935.4 MnT iron ore in the first 11 months of 2016, which was higher by 9% Y-o-Y. The country imported 856.9 MnT iron ore during the same period in 2015, which shows country’s increasing appetite for imported raw material.
It is to be noted that the country has mined 1.16 BnT of iron ore in the first 11 months of 2016 , down by 3.6% as compared with the same period last year.
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