China’s iron ore production fell by 1.2% in Q1

In January–March 2026, China reduced its iron ore production by 1.2% year-on-year – to 241.8 million tons, according to SteelOrbis, citing the National Bureau of Statistics.

In March alone, production stood at 79.64 million tons, down 5.1% from the same period last year.

In the first quarter, prices for this raw material initially fell and then rose. The lowest iron ore price for the period—$99/t—was recorded on February 24, while the highest—$111/t—was recorded on January 7, March 17, and March 20–23, according to SteelOrbis data.

As a reminder, in January–March, China imported 314.8 million tons of iron ore (+10.5% y/y). In March alone, these volumes amounted to 104.7 million tons, which is 7.3% more than in the previous month. The average price of these imports in March was $99.6/t (-1.7% m/m).

As reported by GMK Center, mining company BHP Group confirmed the completion of negotiations on iron ore supplies with Chinese state-owned buyer China Mineral Resources Group. This brings to an end a months-long dispute between the parties that had impacted markets and complicated Chinese steelmakers’ access to key raw materials. Details regarding the pricing mechanism, contract duration, or other terms have not been disclosed, so it is still difficult to assess the scope of the agreement.