China’s run-of-mine (ROM) iron ore output refreshed its three-year high in May, reaching 87.6 million tonnes, up 14.4% on year and 0.8% higher on month.
Though the total output over January-May at 405.8 million tonnes, grew more slowly at 17.9% on year than the 18.6% on-year gain for the first four months, according the data of the country’s National Bureau of Statistics (NBS).
The outrageously high iron ore prices also for domestic iron ore concentrates led to very handsome margins in May, and China’s domestic iron ore miners, thus, had been ramping up their production as much as they could.
Until now, demand from the domestic steel mills has remained robust,” a Shanghai-based market watcher commented.