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Tuesday, September 18, 2018 - 11:09:23 AM
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Mining News Pro - According to National Bureau of Statistics, China - world`s largest iron ore consumer and importer of iron ore has witnessed production at 519.99 MnT for Jan-Aug`18, down 66% as against same duration previous year (Jan-Aug`17) at 863.22 MnT.
According to Mining News Pro -China`s iron ore production has come down amid closure of mines. Due to imposed strict govt. regulation to control smog related problems China has started revoking a decent number of iron ore mines licenses in Oct`17. Miners are forced to upgrade the mining process to match the guidelines given by the China govt.
On yearly basis, crude iron ore production was 64.66 MnT in Aug`18. The production has declined by 44% compared to 115.49 MnT in Aug`17.
However, on monthly basis the production stood in line with July`18 production at 64.76 MnT.
Monthly average global iron ore fines prices up 5% M-o-M:
Average global iron ore fines (Fe 62%) prices in Aug`18 recorded at USD 68/MT, CFR China, up by 5% on monthly basis as against July`18 price at USD 65/MT, CFR China.
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