China increased iron ore production by 5.7% y/y in the first half of 2023

In January-June 2023, iron ore production in China increased by 5.7% compared to the same period in 2022 – up to 476.76 million tons. SteelOrbis reports about it with the reference to data from the National Bureau of Statistics of China (NBS).

In June, Chinese mining companies increased iron ore production by 1.8% compared to June 2022, and by 9.7% compared to May 2023 – up to 85.15 million tons.

Iron ore prices were volatile during June. At the beginning of the month, the quotations increased, and the rest of the period fluctuated in a limited range. The increase in the profitability of steel plants and the growth of raw material futures contributed to the increase in prices compared to May.

Imports of iron ore imports to China in January-June increased by 7.7% compared to the same period in 2022 – up to 576.1 million tons. In June, China imported 95.5 million tons of iron ore, which is 0.7% less compared to the previous month and 7.3% more y/y.

By the end of 2023, as experts expect, iron ore prices could fall by 28% amid falling steel production and demand in China. Morgan Stanley and Kallanish forecast iron ore quotation at the end of 2023 at $90/t, CBA – $100/t.

As GMK Center reported earlier, in 2022, China reduced production of iron ore by 1% compared to 2021 – to 967.9 million tons. In December 2022, iron ore production decreased by 1.2% m/m and grew by 2.4% y/y – to 78.6 million tons.

  • Global Market

US President calls for increased duties on steel and aluminum from China

US President Joe Biden will insist on raising import duties on steel and aluminum from…

Wednesday April 17, 2024
  • Global Market

Steel consumption in Poland fell by 11% y/y in 2023

In 2023, steel consumption in Poland decreased by 11% compared to 2022, to 11.8 million…

Wednesday April 17, 2024
  • Global Market

IMF forecasts global economic growth of up to 3.2% in 2024-2025

The International Monetary Fund (IMF) expects the global economy to grow at 3.2% in 2024…

Wednesday April 17, 2024
  • Companies

Ferrexpo plans to build a new solar power plant for its Minings

Ferrexpo, an iron ore company with assets in Ukraine that is listed on the London…

Wednesday April 17, 2024
  • Global Market

Industrial production in the EU grew by 0.7% m/m in February

In February 2024, seasonally adjusted industrial production in the euro area and the European Union…

Wednesday April 17, 2024
  • Companies

Zaporizhstal has allocated UAH 1.2 billion to maintain its facilities since 2022

Zaporizhstal Iron and Steel Works has allocated more than UAH 1.2 billion to maintain its…

Wednesday April 17, 2024