Country Report

China Iron Ore Supply Summary

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Our estimated 2022 average total cash cost of Chinese iron ore mines is US$78.80/wet tonne, up from US$77.40/wet tonne in 2021. Rising energy costs have increased both mining and processing costs in the Chinese domestic iron ore sector. However, a weak RMB has partly offset the increase in RMB costs, leading to a minor jump in cash costs in US dollars. We foresee total cash costs decreasing in 2023 to US$78.10/t due to lower energy prices and a weaker RMB while costs in RMB are likely to increase slightly. In 2023, 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 2024 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
    • Standard taxes
    • Iron ore resource tax
    • Corporate income tax
    • Value-added tax (VAT)
    • Education tax
    • City building tax
    • Local taxes and fees

Tables and charts

This report includes 6 images and tables including:

  • 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:

  • Document

    China Iron Ore Supply Summary

    PDF 2.19 MB

  • Document

    China_country_report_Q2 2023.xlsx

    XLSX 1.13 MB