China – the world’s largest consumer and importer of iron ore has recorded crude iron ore production at 77 mn t in Aug’20, up 5% as against 73.03 mn t in July’20, according to the National Bureau of Statistics. Miners ramped up output on increased prices, as per reports.
The output for CY ’20 (Jan-Aug) recorded around 1% rise to 562.17 mn t compared with CY19 (Jan-Aug) output at 558.33 mn t.
Imports fell by 11% m-o-m
China recorded iron ore and pellet imports at 100.36 mn t in Aug’20, down 11% m-o-m t as against 112.65 mn t in Jul’20, according to the General Administration of Customs. The imports dropped in Aug post making record high imports in July’20 due to port congestion and coronavirus-related restrictions leading to delayed custom clearances.
Monthly average iron ore prices up 14% in Aug’20
Monthly average global iron ore fines (Fe 62%) increased significantly by 14% to $122/t, CFR China in Aug’20 against that in last month at $107/t, CFR China.
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