Despite being world’s largest importer of iron ore, China is also largest producer of iron ore. Its quench for steel making raw materials seems to be unending.
According to latest data released by National Bureau of Statistics of China, the country produced around 107.48 MnT ROM (Run-of-mine) in May’17. Crude iron ore production has moved up by 4% M-o-M. In Apr’17, China’s crude iron ore output stood at 103.4 MnT.
However, there was a marginal decline on yearly premises compared with month of May’16 where the production was 107.54 MnT then.
The total volume of crude iron ore production in Jan-May of 2017 was registered at 508.7 MnT, significantly up by 8% Y-o-Y as it was 469.3 MnT in the same period last year. Thus country’s crude iron ore production is on upside this year.
Rising iron ore production continues to pull down prices
Domestic iron ore concentrate in Hebei province of China fell from RMB 720/MT (including 17% VAT) in beginning of May’17 to RMB 680/MT (including 17% VAT) by the end of May’17.
China’s iron ore output in CY16 was recorded at 1,295 MnT. Prominent iron ore producing provinces in China include Hebei, Liaoning, Shanxi and Beijing.
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