Despite weak steel sector, China iron ore output kept growing in 2024

With iron ore prices CFR China averaging 103$/t in December and briefly dipping to 98.8$/t, China’s Dec’24 output…

Line chart titled 'China - Iron Ore Output [Mt]' showing monthly iron ore output trends from January to December for 2022, 2023, and 2024. The focus is on December 2024, with production at 84.9Mt, a 1.4% decrease year-on-year, and a 4.6% increase month-on-month. The chart includes a 5-year minimum and maximum range shaded in grey, with values ranging between 75.2Mt and 86.0Mt. A yellow line represents 2024 data, showing fluctuations across the year. The chart is designed using IFCHOR GALBRAITHS' brand colours.

… came strong at 84.9Mt, only -1.4% lower YoY from the 5-year seasonal high of 86.0Mt in Dec’23. Cyclone Sean and the 270 mm of rain delivered over Western Australia last weekend brought perspectives of overseas supply disruption with prices above 100$/t that should incentivise Chinese mines to keep producing near seasonal highs in Jan’25, even with Lunar New Year celebrations later in the month.

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