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According to the latest industry report from market analyst Fitch Solutions, global iron ore production growth will accelerate
in the coming years.
Fitch forecasts that global iron ore production will grow by an average of 3.
6% between 2021 and 2025, compared to -2.
3%
in the previous five years.
According to the research firm, this will increase annual production by 571 million tons by 2025 compared to 2020 levels, with supply growth mainly driven
by Brazil and Australia.
"Brazilian miner Vale has aggressive expansion plans, while Australian miners, including BHP Billiton, Rio Tinto and Fortescue, will reinvest in their currently strong margins to increase production," Fitch said
.
"This will end the stagnation that has persisted since 2015, when iron ore prices hit the lowest average in a decade of $55/mt
.
"
Fitch forecasts that Australian iron ore production will grow
at an average annual rate of 1.
8% from 2021 to 2025.
The company expects China's iron ore production to increase over the next 3-4 years as it strives to increase
self-sufficiency and reduce Australian imports.
"We forecast that production will peak at 1.
07 billion tonnes in 2025 and then decline
again.
"
Brazil's iron ore production will grow at an average annual rate of 10.
6% in 2021, from 397 million mt in 2020 to 542 million mt
in 2025, Fitch said.
"Over the longer term, production growth will slow down, with an average annual growth rate of 1.
8% forecast for 2026-2030 to reach 592 million tonnes per year by 2030," Fitch said
.
According to the latest industry report from market analyst Fitch Solutions, global iron ore production growth will accelerate
in the coming years.
Fitch forecasts that global iron ore production will grow by an average of 3.
6% between 2021 and 2025, compared to -2.
3%
in the previous five years.
According to the research firm, this will increase annual production by 571 million tons by 2025 compared to 2020 levels, with supply growth mainly driven
by Brazil and Australia.
"Brazilian miner Vale has aggressive expansion plans, while Australian miners, including BHP Billiton, Rio Tinto and Fortescue, will reinvest in their currently strong margins to increase production," Fitch said
.
"This will end the stagnation that has persisted since 2015, when iron ore prices hit the lowest average in a decade of $55/mt
.
"
Fitch forecasts that Australian iron ore production will grow
at an average annual rate of 1.
8% from 2021 to 2025.
The company expects China's iron ore production to increase over the next 3-4 years as it strives to increase
self-sufficiency and reduce Australian imports.
"We forecast that production will peak at 1.
07 billion tonnes in 2025 and then decline
again.
"
Brazil's iron ore production will grow at an average annual rate of 10.
6% in 2021, from 397 million mt in 2020 to 542 million mt
in 2025, Fitch said.
"Over the longer term, production growth will slow down, with an average annual growth rate of 1.
8% forecast for 2026-2030 to reach 592 million tonnes per year by 2030," Fitch said
.
