Iron ore production in China fell by 12.6% y/y in January-February

In January-February 2025, Chinese mining companies reduced iron ore production by 12.6% compared to the same period in 2024, to 158.35 million tons. This is evidenced by data from the National Bureau of Statistics of China (NBS), SteelOrbis reports.

Raw material prices fluctuated in February. In particular, at the beginning of the month, the market showed growth, but at the end it declined. The lowest price level was observed on February 8 – $96/t, and the highest – on February 20, $109/t.

Iron ore imports to China decreased by 8.4% y/y – to 191.36 million tons in the first two months of 2025. The monthly average volume is 95.68 million tons, compared to 112.49 million tons in December and the monthly average of 103.2 million tons in 2024. Foreign supplies of raw materials to the country were restrained due to weather-related supply disruptions from Australia.

In January-February, China exported 1.01 million tons of metallurgical coke, down 33% y/y. Exports of coking coal decreased by 6.3% y/y – to 950 thousand tons.

As GMK Center reported earlier, steel production in China decreased by 1.5% y/y – to 166.3 million tons in 2 months of 2025. In 2024, this figure was 1.005 billion tons, down 1.7% y/y. These are the lowest volumes in the last five years.

Experts note that 2024 is likely to be the last year when steel production in China exceeded 1 billion tons. In particular, in March this year, the country’s authorities announced plans to cut steel production as part of the restructuring of the steel industry.