Global iron ore production set for modest growth
Global iron ore production set for modest growth
【Global iron ore production will grow due to mine expansions in Brazil and increasing output from India, according to the latest analysis from Fitch Solutions. Meanwhile, output growth in China will decline on the back of falling ore grades and high production costs.
The report found global iron ore production will grow modestly from 3,322mnt in 2019 to 3,430mnt by 2028. This represents average annual growth of 0.2% during 2019- 2028, which is a significant slowdown from an average growth of 4.5% during 2009-2018. On the one hand, supply growth will be primarily driven by India and Brazil where major miner Vale is set to expand output with its new mine. On the other hand, miners in China, which operate at the higher end of the iron ore cost curve, will be forced to cut output due to falling ore grades.By DANIEL BRIGHTMORE 】
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