CHINA September 23 2015 1:13 PM
SHANGHAI (Scrap Register): Output of iron ore in China is expected to fall in September due to low utilization rate at Chinese iron mines, as per Shanghai Metals Market.
“Sluggish price and high inventories reduce domestic mines’ enthusiasm in production, and no large stock-piling expected for winter production also gives little incentive to their production,” said SMM iron ore analyst.
Moreover, domestic mines in the neighbouring region of Beijing were required to close down in early October due to Beijing’s parade, and some of them have not resumed production after the parade due to the sluggish market.
In August, China produced 124 million tons of iron ore, down 1.88% month-on-month and down 9.86% year-on-year. Total output was 880 million tonnes during the first eight months of 2015, down 9.3% year-on-year.