China iron ore supply summary Report

Country Report 29 October 2024

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Report summary

Our estimated 2023 average total cash cost of Chinese iron ore mines is US$75.87/wet tonne, down from US$79.90/wet tonne in 2022. In comparison, our 2023 global non-China total cash cost is US$39.35/wet tonne. Declining energy costs have decreased both mining and processing costs in the Chinese domestic iron ore sector. With growing overheads, the total cash cost in RMB remains flat in 2023. However, the RMB has depreciated by 5%, leading toa 5% drop in cash costs in US$. In 2024, 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 2025 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.

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
- Taxes and fees imposed on Chinese mining companies
- Standard taxes
- Standard taxes
- Iron ore resource tax
- Corporate income tax
- Value-added tax (VAT)
- Education tax
- City building tax
- 2 more item(s)...