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Home / Commodities / Commodity News / Global iron ore production to recover by 5.1% in 2021, after COVID-19 hit output in 2020, says GlobalData
Global iron ore production to recover by 5.1% in 2021, after COVID-19 hit output in 2020, says GlobalData
Global iron ore production fell by 3% to 2.2bnt in 2020. Global production is expected to grow at a compound annual growth rate (CAGR) of 3.7% to 2,663.4Mt between 2021 to 2025. The key contributors to this grow will be Brazil (6.2%), South Africa (4.1%), Australia (3.2%) and India (2.9%). Key upcoming projects expected to commence operations include South Flank in Australia (2021), Zulti in South Africa (H2 2021), Serrote Da Laje in Brazil (H2 2021) and Gudai-Darri (2022), according to GlobalData, a leading data and analytics company.
China emissions cuts stoke record premiums for quality iron ore
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China’s drive to reduce steelmaking emissions has sparked record price premiums for high quality iron ore products which could be worth more than $3 billion for both BHP and Rio Tinto this year while also turning a Tasmanian minnow into a market darling.
Surging premiums for iron ore pellets and lump comes as iron ore futures surged again on Monday while a partner to the dormant Australian Premium Iron (API) project expressed optimism that a smaller version of the project could soon be developed.
Premiums on niche iron ore products, like pellets, are surging.
China steel futures rise on capacity controls outlook
Chinese steel rebar and hot-rolled coil futures closed higher on Wednesday, picking up from early trade amid concerns of stricter capacity and output controls in the coming months as regulators tighten supervision.
The vice chairman of the China Iron & Steel Association told an industry conference that China’s goal of cutting crude steel output this year can be achieved by limiting production at blast furnaces.
Capacity at electric arc furnaces should not be curbed, but also cannot expand blindly, he added.
China’s emergency management ministry this week said it would investigate and punish “fake restructuring” at steel and coal companies.
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