China's iron ore production increased by 13.4% in Jan-May 2024

In the January-May period this year, China’s iron ore production amounted to 457.352 million mt, increasing by 13.4% year on year, according to China’s National Bureau of Statistics (NBS). In May alone, China’s iron ore production totaled 88.479 million mt, increasing by 9.0% year on year, while up 0.65% month on month. Import iron ore prices fluctuated within a limited range in May, while they have moved on an overall downtrend in June. The highest price level in May at $122/mt was seen on May 22, while the lowest level of $114/mt was seen on May 15. The slack demand for steel during the traditional offseason in June will exert a negative impact on iron ore prices.