China increased iron ore production by 2.8% y/y in January-October

Chinese mining companies increased iron ore production by 2.8% in January-October 2024 compared to the same period in 2023, to 871.54 million tons. This is evidenced by data from the National Bureau of Statistics (NBS), SteelOrbis reports.

In October 2024, Chinese mining companies reduced ore production by 4.1% compared to October 2023, and increased by 4.4% compared to the previous month to 86.45 million tons.

After China’s National Day, prices for imported iron ore began to decline in October. The highest level was observed on October 1-7, at $108/t, and the lowest on October 23, at $98/t. The downward trend in steel prices had a negative impact on demand for raw materials and weakened support for the iron ore market.

As GMK Center reported earlier, iron ore imports to China in October 2024 decreased by 0.2% m/m and increased by 4.5% y/y – to 103.84 million tons. Over 10 months, the figure reached 1.023 billion tons, up 4.9% y/y.

Steel production for the month increased by 6.2% compared to the previous month, and by 2.9% compared to October 2023 – up to 81.88 million tons. In January-October, steel production in China fell by 3% year-on-year – to 850.73 million tons.

At the same time, steel exports in October increased by 10.1% month-on-month – to 11.18 million tons. Shipments increased by 40.8% compared to October 2023. In January-October of this year, Chinese producers exported 91.89 million tons of steel (+23.3% y/y), which already exceeds the total exports in 2023 and is the highest since 2016.