The reporter learned from the Ministry of Industry and Information Technology that the annual domestic production of iron ore was 880 million tons last year, an increase of 8.9% year-on-year, and that in January-February this year, the increase in iron ore production in China reached 17.8%. As of March 19, China's iron ore inventories at the port amounted to more than 71 million tons. Port stockpiles and steel mill stocks add up, which can roughly support the iron ore demand of steel mills for two months. According to Jia Yinsong, an inspector of the Department of Raw Materials of the Ministry of Industry and Information Technology, the increase in the growth rate indicates that there is a certain increase in iron ore production capacity in the country.
Jia Yinsong analyzed that while the increase was related to the smaller base figure in the same period of last year, the increase in iron ore prices was still the dominant factor in the increase.
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