In a statement issued on December 6, the China Iron and Steel Association (CISA) indicated that oversupply of iron ore in the Chinese market increased in the first 10 months of the current year.
According to the CISA, in January-October this year China’s aggregate pig iron output totaled 557.65 million mt, up 16.17 million mt or 2.9 percent year on year. Meanwhile, in the given period aggregate raw iron ore output in China increased by 151.79 million mt on year-on-year basis to 602 million mt, with this increase able to meet the requirements entailed by the higher pig iron production. The CISA remarked, however, that China’s iron ore imports also indicated a year-on-year increase in the January-October period, rising by 45.41 million mt, thereby increasing the oversupply of iron ore in the Chinese market.