China reduced iron ore production by 3.8% y/y in January-September

In January-September 2025, Chinese mining companies reduced iron ore production by 3.8% compared to the same period in 2024, to 761.43 million tons. This is evidenced by data from the National Bureau of Statistics of China (NBS), SteelOrbis reports.

In September, the country’s ore production amounted to 84.27 million tons, up 0.6% year-on-year and 3.2% month-on-month.

At the same time, prices for imported raw materials fluctuated in September, initially declining but then fluctuating within a limited range. The lowest level ($101/t) last month was observed on September 1, and the highest ($107/t) on September 9.

As a reminder, China’s iron ore imports amounted to 917.69 million tons over 9 months, which is the same as in the same period in 2024. In particular, record import volumes of 116.33 million tons were recorded in September, up 10.6% m/m and 11.7% y/y. Thus, the country has kept the figure above 100 mln tons for the fourth consecutive month. The volumes exceeded the forecasts of analysts, who expected imports in the range of 100-106 mln tonnes.

As GMK Center reported earlier, China’s steelmaking companies reduced steel production by 4.6% in September compared to September 2024, to 73.49 million tons. The figure was down 5% month-on-month. This is the fourth consecutive drop in monthly production, which resulted in a decline in steel production in January-September this year to 746.25 million tons (-2.9% y/y).

According to the China Iron and Steel Association, steel production in China will decline by 4% y/y in 2025. This is in line with Beijing’s policy of reducing the economy’s dependence on heavy industry and addressing the problem of overcapacity.