In the January-March period this year, China’s iron ore production amounted to 284.094 million mt, increasing by 15.3 percent year on year, according to China’s National Bureau of Statistics (NBS).
In March alone, China’s iron ore production totaled 98.146 million mt, increasing by 14.5 percent year on year.
Import iron ore prices declined in March, though they started to indicate a rebounding trend following the Tomb Sweeping Day holiday amid improved sentiments and increasing iron ore futures prices. Demand for steel was not as good as market players had expected in March, resulting in slack demand for iron ore. The increasing iron ore production in the Chinese domestic market also exerted a negative impact on iron ore prices in the given month.