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Chinese mining enterprises boosted iron ore production by 15.3% from January to March 2024 compared to the same period in 2023, reaching 284.1 million tonnes (MT). This is supported by statistics from the National Bureau of Statistics. Chinese mining enterprises produced 14.5% more ore in March 2024 than in March 2023.
Despite an uptrend following the recent Chinese holidays, iron ore prices fell in March as commodities futures rose and mood improved. The use of iron ore decreased due to the steel demand not being as robust as anticipated. Commodity prices in March were negatively impacted by increased ore production in China's domestic market.
Imports of iron ore by Chinese steelmakers in Q1 of 2024 increased by 5.5% y-o-y to 310.13 MT. In March, imports increased by 0.5% y-o-y to 100.72 MT.
The figure rose amid increased demand among steelmakers after the holiday season. In addition, the market had predicted an increase in production in March, but demand was much weaker than expected, which, together with high imports, increased stocks in ports and sent raw material prices down.
In March, iron ore stocks in major Chinese ports increased by 5.3% m-o-m to 142.1 MT, the highest level since the end of February 2023, while iron ore prices fell by more than 13%. Imports are expected to grow further in April.
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