August 19 2016 5:01 PM
BEIJING (Scrap Register): According to the data released by the Metallurgical Mines Association, in July China's production of iron ore concentrate increased by 183300 mt. The output during January-July was 130.7 million mt.
The month-on-month increase indicated a gradual rise in iron ore demand amid recovery in steel prices. The industry was still plagued by oversupply despite the attempt to cut excess capacity.
The highest month-on-month increase among the 26 iron ore-producing provinces was posted by Liaoning, which was 27.7% to 3.65 million mt in July. Accounting for 25 percent of the country's total output, Hebei remained the top producer with 5.04 million mt of concentrate.
The domestic price of 66%-Fe concentrate was assessed by S&P Global Platts at Yuan 580-590/dmt, delivered to mills in Tangshan, Hebei province, on August 12, up Yuan 165/dmt or 39.3% from the end of December. Rebar prices rose by Yuan 660/mt or 41.3% over the same period.