Country Report
China iron ore supply summary
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Our estimated 2023 average total cash cost of Chinese iron ore mines is US$75.87/wet tonne, down from US$79.90/wet tonne in 2022. In comparison, our 2023 global non-China total cash cost is US$39.35/wet tonne. Declining energy costs have decreased both mining and processing costs in the Chinese domestic iron ore sector. With growing overheads, the total cash cost in RMB remains flat in 2023. However, the RMB has depreciated by 5%, leading toa 5% drop in cash costs in US$. In 2024, the prices will slide further but still stay above US$100/t, which has meant positive margins for most producers. We anticipate weaker iron ore prices from 2025 onward, which will impact Chinese margins and lead to closures of domestic mine capacity over the medium term. In this report, we review China's iron ore costs, margins, infrastructure, quality, and reserves and outline some of the changes we see happening.
Table of contents
- Anshan-Benxi-Liaoning region
- East Hebei region
- Lvliang-Taiyuan-Xinzhou region
- Hanxing-Luzhong region
- Baotou-Baiyunebo region
- Anhui region
- Hubei region
- Panzhihua-Xichang region
- Domestic iron ore infrastructure
- Imported iron ore infrastructure
- Cash costs
-
Capital costs
- Taxes and fees imposed on Chinese mining companies
- Standard taxes
- Standard taxes
- Iron ore resource tax
- Corporate income tax
- Value-added tax (VAT)
- Education tax
- City building tax
- 2 more item(s)...
Tables and charts
This report includes the following images and tables:
- Imported iron ore flows
- 62% Fe adjusted CFR China cost curve
- China full iron ore cost curve 62% Fe adjusted
- Capital costs
What's included
This report contains:
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