Country Report

China iron ore supply summary

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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 product
  • 2025 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 production
  • Costed production by mine type
  • New projects capacity additions in 2025 and during the 15th Five-Year Plan period
  • Concentrate capacity additions by province during the 15th Five-Year Plan period
  • Imported iron ore flows
  • 62% Fe adjusted CFR China cost curve
  • China full iron ore cost curve 62% Fe adjusted
  • Capital costs
  • 2 more item(s)...

What's included

This report contains:

  • Document

    China iron ore supply summary

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