China: Crude Iron Ore Production Down 4% in Jan-Feb'19
According to National Bureau of Statistics, China - world's largest consumer and importer of iron ore has witnessed fall in crude iron ore production for Jan-Feb'19.
The production in CY19 (Jan-Feb'19) recorded at 118.54 MnT, down 4% against 123.46 MnT in same period last year (Jan-Feb'18).The drop is owing to less working days owing to week long Lunar new year holidays in Feb at China.
Average global iron ore fines prices up in Feb'19 due to Vale mishap
Monthly average global iron ore fines (Fe 62%) prices increased 16% to USD 88/MT, CFR China in Feb'19 compared to USD 76/MT, CFR China in Jan'19.
The Vale dam disaster followed by a series of halt at various dam and mines owned by Vale led to global shortage of material resulting in sharp rise in ore prices. Vale is expected to lose around 64 MnT of fines output in 2019, as per BMO Capital Markets.
China iron ore imports down 9% in Feb'19
China recorded iron ore imports at 83.08 MnT in Feb'19. The imports have dropped 9% M-o-M as against 91.26 MnT in Jan'19. Chinese imports for the month hit 10 months low since Apr'18 imports at 82.92 MnT. For Jan-Feb'19, the imports reached at 174.4 MnT down 6% as against 184.61 MnT in Jan-Feb'18.
source: SteelMint
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