Overview of Iron Ore Production and Market Trends
Overview of Iron Ore Production and Market Trends
1. Steel Industry Production
In March 2024, China produced 72.657 million tons of pig iron, marking a 6.9% decrease compared to the previous year. Cumulatively, pig iron production from January to March amounted to 213.389 million tons, down by 2.9% year-on-year. Crude steel production in March reached 88.269 million tons, reflecting a 7.8% decline year-on-year. However, the cumulative crude steel production from January to March was 256.551 million tons, showing a decrease of 1.9% year-on-year. Steel production in March totaled 123.366 million tons, marginally increasing by 0.1% year-on-year, with a cumulative production of 336.026 million tons from January to March, up by 4.4% year-on-year.
2. National Iron Ore Production
In March 2024, China produced 98.146 million tons of raw iron ore, indicating a significant year-on-year increase of 14.5%. Cumulatively, raw iron ore production from January to March amounted to 284.094 million tons, reflecting a substantial increase of 15.3%. Additionally, the production of iron concentrate in March reached 26.3349 million tons, up by 6.0% year-on-year, with a cumulative production of 72.0713 million tons from January to March, showing a 4.0% increase year-on-year.
3. Iron Ore Imports
China imported 100.72 million tons of iron ore in March, marking a slight year-on-year increase of 0.7%. The import value surged by 5.3% to US$12,686.706 million, with a monthly average price of US$125.96/ton, up by 7.0% year-on-year. From January to March, iron ore imports totaled 310.12 million tons, increasing by 5.5% year-on-year. The cumulative average import price was US$129.55/ton, showing a 10.7% year-on-year increase.
4. Supply and Demand Dynamics
From January to March, national pig iron production decreased by 2.9% year-on-year, while domestic raw iron ore output increased by 15.3% year-on-year. Iron ore imports surged by 5.5% year-on-year. Port inventories of imported iron ore at the end of March reached 144.312 million tons, up by 4.8% month-on-month and 7.2% year-on-year. The current data suggests that iron ore supply growth surpasses demand growth, resulting in increasing port inventories and a relatively loose market supply-demand balance.
5. Investment in Ferrous Metal Mining and Dressing Industry
From January to March, fixed asset investment in China’s mining industry rose by 18.5%, with the ferrous metal mining and dressing industry witnessing a growth of 24.8%, outpacing the national mining industry growth by 6.3 percentage points. Private investment in the ferrous metal mining industry increased by 22.5%, surpassing the national private investment growth in the mining industry by 0.6 percentage points. Investment in this sector indicates a gradual recovery in investment willingness and confidence.
6. Revenue and Profit Trends
From January to March, the operating income of the ferrous metal mining and dressing industry reached 144.5 billion yuan, reflecting a substantial year-on-year increase of 33.3%. Total profits surged by 103.8% year-on-year, amounting to 17.1 billion yuan.
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