China: Crude Iron Ore Production Down 66% During Jan-Aug'18

According to National Bureau of Statistics, China - world's largest iron ore consumer and importer of iron ore has witnessed production at 519.99 MnT for Jan-Aug'18, down 66% as against same duration previous year (Jan-Aug'17) at 863.22 MnT.

China's iron ore production has come down amid closure of mines. Due to imposed strict govt. regulation to control smog related problems China has started revoking a decent number of iron ore mines licenses in Oct'17. Miners are forced to upgrade the mining process to match the guidelines given by the China govt.

On yearly basis, crude iron ore production was 64.66 MnT in Aug'18. The production has declined by 44% compared to 115.49 MnT in Aug'17.

However, on monthly basis the production stood in line with July'18 production at 64.76 MnT.

Monthly average global iron ore fines prices up 5% M-o-M:

Average global iron ore fines (Fe 62%) prices in Aug'18 recorded at USD 68/MT, CFR China, up by 5% on monthly basis as against July'18 price at USD 65/MT, CFR China.