Mongolia has seen a significant increase in iron ore exports to China, totaling 4.85 million tons from January to August 2024, marking a 32.47% rise compared to the previous year, according to the General Customs Administration.
Revenue from these exports surged by nearly 40%, reaching $399 million. In August alone, Mongolia exported 597,500 tons of iron ore, a 15.14% increase year-over-year.
Additionally, the Mongolian Stock Exchange began trading iron ore concentrate on the Mining Exchange in September 2023. In the first half of 2024, 149 trades of iron ore and concentrate were conducted, amounting to 983,000 tons valued at $71.6 million.
The average export price of iron ore in August was $85.12 per ton, which is an increase of $26 from the same month last year.