China: iron ore mining by month 2020-2022

In November 2022, approximately 79.54 million metric tons of crude iron ore was extracted in China.

Iron ore mining in China

As the world's largest iron ore importing country since 2014, China's iron ore imports amount to over one billion metric tons every year to meet its demand. Cutbacks in 2014 were likely the result of decreasing iron ore prices around the world, which fell from a high of 168 U.S. dollars per dry metric ton in 2011 to a low of an estimated 55 U.S. dollars in 2015. Iron ore prices have gradually recovered to the levels of 2014, standing at 161.7 U.S. dollars per dry metric ton as of 2021.

China's steel industry

Despite iron ore mining cutbacks in China and fluctuating prices, the price of steel, which is made from iron ore, has remained stable. China has remained the world’s largest crude steel producer. Among the twenty leading steelmakers worldwide, nine are from China. As the largest crude steel producer in the world, Baowu Steel Group is state-owned and is the largest steel company in China. In 2021, Baowu Steel Group generated a revenue of over 972 billion yuan.