Country Report
China iron ore supply summary
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Our estimated 2025 average total cash cost of Chinese iron ore mines is US$70.4/wet tonne, down from US$70.6/wet tonne in 2024. In comparison, our 2025 global non-China total cash cost is US$36.6/wet tonne. In 2025, the decline in power and energy prices drove cost reductions; however, this was partially offset by deteriorating resource quality, deeper mining operations, and increased safety and environmental investments, resulting in a modest year-on-year cost decline overall. Looking ahead to 2026, we anticipate Chinese domestic iron ore mine costs will rise, driven by a significant uptick in energy prices, declining production volumes, and sustained Chinese yuan appreciation. We forecast the average total cash cost of Chinese iron ore mines at US$75.8/wet tonne in 2026, representing a year-on-year increase of 7.7%.
Table of contents
- China advances strategic mineral exploration initiative with major iron ore discoveries
- 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 mine capacity outlook
- Domestic iron ore infrastructure
- Imported iron ore infrastructure
- 4 more item(s)...
Tables and charts
This report includes the following images and tables:
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2026 China’s iron ore CO2e emission curve – by product2026 iron ore’s CO2e emission curve (Scope 1 and 2)2026 Global cash cost curve (value-in-use adjusted)
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2026 China cash cost curve (value-in-use adjusted)Marketable productionCosted production by mine typeNew projects capacity additions during the 15th Five-Year Plan periodConcentrate capacity additions by province during the 15th Five-Year Plan periodImported iron ore flows62% Fe adjusted CFR China cost curveChina full iron ore cost curve 62% Fe adjustedCapital costs
- 2 more item(s)...
What's included
This report contains:
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