According to National Bureau of Statistics, China – world’s largest iron ore consumer and importer, produced 109.7 MnT crude iron ore (Run-of-Mine) in Nov’17. On monthly premises China’s ROM production has moved down by 9% against 120.7 MnT in Oct’17.
On yearly basis, it was down by 6% in Nov’17 against 116.68 MnT in Nov’16.
During the first eleven months of CY’17 (Jan-Nov’17), production was 1,213 MnT down by 3% compared to 1,176 MnT in the same period last year.
Monthly average spot iron ore prices increased by USD 2/MT in Nov’17 – Monthly average spot iron ore fines (Fe 62%) prices were analyzed at USD 64/MT, CFR China in Nov’17 against USD 61/MT, CFR China in Oct’17 down by 4%.
As China’s unprecedented push to rein in low grade iron ore usage for steel making in winter (Nov ‘17- March’18) to cut pollution level, started showing results in production figure unveiled by National Bureau of Statistics.
Taking seasonal demand into consideration and steel production cuts announced by govt., CISA had Forecasted that iron ore demand will fall by 6 MnT in Nov’17.
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