China: Crude Iron ore (ROM) Production Down 9% in Q1 CY19
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 Q1 CY’19.
The production in first quarter CY19 recorded at 188.32 MnT, down 9% against 206.13 MnT in last quarter (Q4 CY18). The drop is owing to winter production cuts and less working days in Feb’19 due to week long Lunar holidays at China.
On yearly basis, production dropped by 2 MnT against 190.35 MnT in Q1 CY18. However, for the month of Mar’19, the production witnessed at 69.78 MnT, up 4% against 66.89 MnT in Mar’18.
Average iron ore prices increased sharply in Q1 CY19 amidst global shortage
The average iron ore prices in Q1CY19 increased 15% to USD 82.3 /MT, CNF China as against USD 71.74/MT, CNF China in Q4 CY’18 amidst shortage from largest miners in Brazil and Australia
China iron ore & pellet volumes fell in Q1 CY19
China iron ore & pellet imports recorded fall of 4% to 260.8 MnT in Q1 CY19 against 270.4 MnT in Q1 CY’18. On quarterly basis, import volumes has dropped marginally against 261.3 MnT in Q4 CY18.
source: SteelMint
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