Mandatory industry closures seen pushing China's November iron ore output down by 7.5%
Post Date: 23 Dec 2014 Viewed: 570
China's iron ore output plunged 7.5 percent in November from a year ago to 128.18 million tons, data from the National Bureau of Statistics showed on Tuesday, largely as a result of mandatory industry closures in northern China during the month.
China ordered hundreds of steel mills and mining operations across northern China to suspend operations in early November in order to cut air pollution during the Asia-Pacific Economic Cooperation summit in Beijing.
China's biggest steel-making and iron ore producing province of Hebei, which was hit hardest by the APEC measures, saw its iron ore output fall 17.6 percent compared to the same period last year, and 9.9 percent on the month.
China, as the world's top steel producer, is the world's top consumer of iron ore.
National iron ore production dropped 4.9 percent compared to October, and was also hurt by plunging prices, which have driven some high-cost producers out of the market.
Prices of the commodity have fallen around 50 percent this year as a result of weakening Chinese demand growth and a huge increase in supply.
Total output over January to November reached 1.386 billion tons, up 4.8 percent compared to the same period of 2013. Imports rose 13.4 percent over the 11 months to 846 million tons.