According to SMM data, the capacity utilisation rate of domestic mines was 54.5% last week, up 4.9 percentage points WoW. Iron ore concentrates production reached 728,000 mt, up 66,000 mt WoW. Additionally, iron ore concentrate inventory decreased to 205,000 mt.
Last week, domestic iron ore concentrates production increased slightly as the impact of the Chinese New Year holiday gradually faded, and previously suspended mines resumed operations. Iron ore concentrates production in Shandong and Hebei saw a slight increase. In Fujian, a large mine that had been shut down due to environmental protection issues is now gradually resuming normal production. According to SMM, the iron ore concentrates production of this mine is rebounding. Next week, as some mines affected by low temperatures resume normal operations, iron ore concentrates production is expected to increase further, with the growth mainly concentrated in Xinjiang and Liaoning.
