Utilization Rates at Chinese Private Iron Mines Expected to Hit New Low on Production Closure

SHANGHAI, Jan. 21 (SMM) – Utilization rates at Chinese private iron mines are expected to drop to a new low due to production halts ahead of the Chinese New Year holiday, Shanghai Metals Market’s ferrous branch Steelease foresees.  

A growing number of surveyed iron mines told Steelease that they planned to suspend production before the arrival of the holiday in mid February.

Severe losses further depressed utilization rates at domestic iron mines in Liaoning, Shandong, Guangdong and Inner Mongolia in December 2014, according to Steelease survey. 

Not only private mines, but state-owned iron mines are also being affected by sharp losses, with production closure heard at one large SOE mine.