According to information compiled by SteelRadar from China’s National Bureau of Statistics, iron ore production by Chinese mining companies increased by 4.1% y-o-y in the first eight months of 2024, reaching 696.49 million tons. However, in August, production dropped by 16% compared to the same month in 2023 and by 4.9% from July, totaling 73.64 million tons.
Iron ore prices fluctuated throughout August, with the highest level recorded at USD 103 per ton between August 2-5, while the lowest price was USD 91 per ton between August 16-18. The general decline in steel prices contributed to downward pressure on iron ore values for most of the month.
China’s iron ore imports in August were 101.4 million tons, down 1.4% from July and 4.7% from the same period last year. In contrast, total iron ore imports increased by 5.2% y-o-y to 814.95 million tons in the January-August period.
Meanwhile, China’s steel production fell to 691 million tons in the January-August period, down 3.3% from the same period the previous year. In August, steel production fell by 6.1% from July to 77.92 million tons. Average daily steel production reached its lowest level of the year at 2.51 million tons. The decline is attributed to weaker demand and lower steel prices, which led some local steel mills to reduce production and temporarily suspend operations for maintenance.
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