According to data from China's National Bureau of Statistics, Chinese mining companies increased iron ore production by 15.3% in the first quarter of 2024 compared to the same period in 2023, reaching 284.1 million tons, as GMK reported.

In March 2024 alone, iron ore production in China grew by 14.5% year-on-year. The increase in domestic iron ore production came despite a decline in iron ore prices in March, although prices did show an upward trend after the recent Chinese holidays amid improved market sentiment and higher commodity futures. 

However, steel demand was not as strong as expected, leading to a decline in iron ore consumption. The increased domestic iron ore production also had a negative impact on commodity prices in March. 

China's iron ore imports also rose in the first quarter of 2024, increasing by 5.5% year-on-year to 310.13 million tons. In March, imports grew by 0.5% year-on-year to 100.72 million tons. 

The rise in imports was driven by increased demand from steelmakers after the holiday season, though demand was much weaker than expected, which, combined with high imports, led to a buildup of iron ore stocks at major Chinese ports. This, in turn, sent raw material prices down by more than 13% in March. 

Looking ahead, iron ore imports are expected to grow further in April.