The Zhitong Finance App learned that on April 30, the China Mining Association announced the economic performance of the metallurgical mining industry for March 2024. According to data from the National Bureau of Statistics, in March 2024, China produced 72.657 million tons of pig iron, a year-on-year decrease of 6.9%; in January-March, the total production of pig iron was 213.389 million tons, a decrease of 2.9% over the previous year. In March, China produced 88.269,000 tons of crude steel, a year-on-year decrease of 7.8%; in January-March, it produced a total of 256.551 million tons of crude steel, a year-on-year decrease of 1.9%. In March, China produced 123.366 million tons of steel, up 0.1% year on year; in January-March, it produced a total of 336.26 million tons of steel, up 4.4% year on year.

According to data from the National Bureau of Statistics, in March 2024, the country produced 98.146 million tons of raw iron ore, an increase of 14.5% over the previous year; in January-March, the total production of raw iron ore was 284.94 million tons, an increase of 15.3% over the previous year. According to statistics from the China Metallurgical and Mining Enterprise Association, the country produced 263.34,900 tons of iron powder in March, an increase of 6.0% over the previous year; in January-March, the total production of iron powder was 7.0713 million tons, an increase of 4.0% over the previous year.

According to data from the General Administration of Customs, China imported 10.72 million tons of iron ore in March, up 0.7% year on year; the import amount was 12686.706 million US dollars, up 5.3% year on year. The average monthly price was 125.96 US dollars/ton, up 7.0% year on year. In January-March, 310.12 million tons of iron ore were imported, up 5.5% year on year; the cumulative average import price was 129.55 US dollars/ton, up 10.7% year on year.

In January-March, the country produced a total of 213.389 million tons of pig iron, down 2.9% year on year. Domestic iron ore raw ore output was 284.09 million tons, up 15.3% year on year. Iron ore imports were 310.12 million tons, up 5.5% year on year, and total iron ore supply increased year on year. At the end of March, the port inventory of imported iron ore was 144.312 million tons, up 6.57 million tons from the previous month, or 4.8%, up 9.755 million tons from the previous year, or 7.2%. Judging from the above data, the increase in iron ore supply exceeds the increase in demand at this stage, port inventories are gradually increasing, and the fundamentals of market supply and demand are relaxed.

In January-March, the cumulative amount of fixed asset investment in the national mining industry increased by 18.5%. Among them, investment in the ferrous metal ore mining industry increased by 24.8%, an increase of 6.3 percentage points higher than the increase in the national mining industry; the increase decreased by 14.8 percentage points from January to February. The cumulative increase in fixed asset investment in the national private mining industry was 21.9%. Among them, private investment in the ferrous metal mining industry increased by 22.5%, an increase of 0.6 percentage points higher than the national private investment in the mining industry; an increase of 8.5 percentage points over the January-February increase. Investment in the ferrous metal mining industry and private investment both increased by 20%, and investment intentions and investment confidence are gradually picking up.

According to data from the National Bureau of Statistics, in January-March, the revenue of the ferrous metal ore mining and selection industry was 144.5 billion yuan, an increase of 33.3% over the previous year; the total profit realized was 17.1 billion yuan, an increase of 103.8 percent over the previous year.