According to the National Bureau of Statistics, China – the world’s largest consumer and importer of iron ore has recorded crude iron ore production at 858.9 MnT in CY19, up 8% as against 793.04 MnT in CY18.
On monthly basis, output recorded at 75.18 MnT in Dec’19, down 5% as against 79.25 MnT in Nov’19. Crude iron ore output increased 10% in Dec’19 as compared to 68.42 MnT in Dec’18.
China iron ore imports inch up to 1.069 BnT in CY19
China recorded iron ore and pellet imports at 1069 MnT in CY19 compared to last year imports at 1064 MnT according to General Administration of Customs. On monthly basis, Iron ore and pellet imports hit 2 years high to 101.3 MnT in Dec’19. The imports witnessed a sharp hike of 12% on monthly basis compared to 90.65 MnT in Nov’19. The hike in imports is attributed to strong Chinese demand amid restocking ahead New Year holidays.
Average global iron ore fines prices up 34% in CY19
The spot iron ore fines (Fe 62%) index price for CY’19 increased by 34% to USD 94/MT, CFR China as compared to USD 70/MT, CFR China in CY18. The rising demand from Chinese mills and material crises in the global market led to rise in prices for the year. For the month of Dec’19 average iron ore fines prices stood at USD 91/MT, CFR China against USD 84.5/MT, CFR China in Nov’19.
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