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 2024 average total cash cost of Chinese iron ore mines is US$71.7/wet tonne, up from US$70.1/wet tonne in 2023. In comparison, our 2024 global non-China total cash cost is US$36.2/wet tonne. Although energy and electricity prices declined slightly, the deterioration in ore quality and increased processing ratio pushed RMB-denominated costs up 4% in 2024. Meanwhile, the 1.7% appreciation of the US dollar has added another 2.2% to USD-denominated costs of domestic ore. We forecast the annual average price for 62% Fe sinter fines at US$99/t CFR in 2025. Most Chinese domestic mines can operate with positive margins at the current iron ore price of around US$100/t, but we anticipate that margins will continue shrinking due to lower prices in 2025 and 2026.
Table of contents
- China advances strategic mineral exploration initiative with major iron ore discoveries
- 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 mine capacity outlook
- Domestic iron ore infrastructure
- Imported iron ore infrastructure
- 4 more item(s)...
Tables and charts
This report includes the following images and tables:
-
2025 China’s iron ore CO2e emission curve – by product2025 iron ore’s CO2e emission curve (Scope 1 and 2)2025 Global cash cost curve (value-in-use adjusted)
-
2025 China cash cost curve (value-in-use adjusted)Marketable productionCosted production by mine typeNew projects capacity additions in 2025 and during the 15th Five-Year Plan periodConcentrate capacity additions by province during the 15th Five-Year Plan periodImported iron ore flows62% Fe adjusted CFR China cost curveChina full iron ore cost curve 62% Fe adjustedCapital costs
- 2 more item(s)...
What's included
This report contains:
Other reports you may be interested in
Country Report
Global iron ore supply summary 2025
Iron ore margins remain strong in 2025. Avg cost: US$59.8/t. Capex rises to US$17.2B, driven by quality upgrades and emissions goals.
$6,750
Asset Report
Roy Hill iron ore mine
Roy Hill is a large hematite mine in the Pilbara region of Western Australia. The Production capacity has been increased, reaching 60 Mtpa.
$2,250
Asset Report
Mining Area C iron ore mine
BHP owns Mining Area C and has a production capacity of 65 Mtpa.
$2,250
