China: Crude Iron Ore Production in Nov'18 Hit Highest in CY'18
According to National Bureau of Statistics, China - world's largest consumer and importer of iron ore has witnessed crude iron ore production at 68.89 MnT in Nov'18, highest in CY'18. The production for the month witnessed slight rise as against Oct'18 production at 68.82 MnT.
The reduced production cuts by Chinese government and narrowing steel margins have increased preference for iron ore over pellet.
On yearly basis, crude iron ore production declined by 37% compared to 109.66 MnT in Nov'17.
China's production for the duration Jan-Nov'18 witnessed at 724.63 MnT down 40% as against same duration previous year (Jan-Nov'17) at 1212.38 MnT. China's iron ore production dropped amidst closure of mines. Due to imposed strict govt. regulation to control smog related problems China started revoking a decent number of iron ore mines licenses in Oct'17. Besides, it announced cancellation of about one third of country's iron ore mining licences, effecting about 1000 mines.
According to Fitch, China's iron ore production is expected to drop down from 1.29 BnT this year to 1.25 BnT by 2027, with expected rise in preference for high grade ore amidst country's tightening environmental standards.
Recently, Chinese Hebei province has issued second level production cut from 22nd Nov amidst visible threat to environment, which is expected to enhance high grade ore demand.
Average global iron ore fines prices stable on monthly basis
Monthly average global iron ore fines (Fe 62%) prices in Nov'18 recorded at USD 73/MT, CFR China, stable on monthly basis.
source: SteelMint
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