Global Iron Ore Market (Production, Demand, Export and Import): Insights & Forecast with Potential Impact of COVID-19 (2022-2026)
The global iron ore production is forecasted to reach 3.17 billion metric tonnes in 2026, experiencing growth at a CAGR of 5.59% during the period spanning from 2022 to 2026. Growth in the global iron ore market was supported by factors such as increasing production of crude steel, escalating urban population, upsurge in GDP, accelerating consumer durables industry. However, the market growth would be challenged by trade war and increased prices of raw materials, and huge capital requirements. The market is anticipated to experience certain trends like mining technology, increasing demand for light vehicles for automotive steel, and rising demand for low grade iron ore.
The global iron ore demand from blast furnaces & DRI is predicted to grow at a CAGR of 4.14%. In 2026, the demand is expected to reach 2.94 billion metric tonnes. COVID-19 pandemic triggered acute declines in iron ore prices, mainly due to a collapse in iron ore demand. Short- and long-term supply were also disrupted by mine closures and a wave of capital spending cuts in the mining sector.
The global iron ore production can be segmented into the following regions: Oceania, Asia, South America, Middle East & Africa, North America, European Union (27+UK), and Others. Iron ore supplies are set to recover strongly in 2022. Vale should see key mines like Brucutu and Itabira returning towards capacity and the Northern System expansion is poised to allow the group to achieve a strong run rate through the year. Rio should see its production normalize into Gudai-Darri’s ramp-up and Champion in Canada delivers its growth.
Scope of the report:
• The report provides a comprehensive analysis of the global iron ore market (Production, Demand, Import and Export) with potential impact of COVID-19.
• The major regional markets (Oceania, Asia, South America, Middle East & Africa, European Union (27+UK) North America) have been analyzed.
• The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
• The competitive landscape of the market, along with the company profiles of leading players (ArcelorMittal, Anglo American, Rio Tinto, Vale S.A., BHP, Fortescue Metals) are also presented in detail.
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