Mining industry in China – additional information
Iron ore mining in China appears to be on the rebound. Between March 2015 and March 2016, a total of 1,459.5 million tons of iron ore was mined in China. This is comparable to production values which were recorded for 2013, and far higher than production volumes recorded for 2014, when a mere 309 million metric tons of iron ore was mined in China. That year it appears that China instead imported 933.1 million metric tons of iron ore to meet at least some of its demand. Cutbacks in 2014 are 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. This estimate for 2015 is confirmed by data between March 2015 and March 2016 that shows that the monthly price of iron ore per dmtu (per dry metric ton unit) fluctuated between 39.6 and 62.29 U.S. dollars per dry dmtu. However, despite iron ore mining cutbacks in China and plummeting prices, the price of steel which is made from iron ore appears stable in the future and China remained the world’s largest crude steel producer. Among the top twenty steelmakers worldwide, ten are from China.