China’s – world’s largest iron ore consumer and importer, produced 1103.35 MnT crude iron ore during first ten months of CY’17 (Jan-Oct’17). The production up by 4% compared to 1059.43 MnT in the same period last year.
According to National Bureau of Statistics, China produced 120.7 MnT crude ROM (Run-of-mine) up around 1% M-o-M in Oct’17 against 119.13 MnT in Sept’17. On yearly basis, it was also up marginally 1% in Oct’17 against 119.29 MnT in Oct’16.
Monthly average spot iron ore prices dropped by USD 10/MT in Oct’17 – Monthly average spot iron ore fines (Fe 62%) prices were analyzed at USD 61/MT, CFR China in Oct’17 against USD 71/MT, CFR China in Sept’17 down by 14%.
According to the market expert’s notion, rising iron ore supplies from major iron ore miners, China’s rising domestic iron ore output and falling Chinese iron ore demand will surely keep prices under pressure in upcoming 3 to 4 months.
Source Steel Mint powered by Keyvan Jafari Tehrani (JTC)