Iron ore outlook 2021 - Seaborne iron ore market softens
a healthy project pipeline will, however, help offset depleting resources and balance the market
Despite the COVID-19 pandemic, world crude steel production in 2020 grew to 1.878 billion metric tons (mt), according to the World Steel Association (WSA), a new global all-time high. This is the fifth consecutive year of growth.
Global output of iron ore decreased by 1.9% to 2.343 billion mt in 2020 (see Figure 1 and Table 2). Australia is the most important producing country, mining 39% of all iron ore globally. Brazil, the second most important country, accounts for 17%, and China, the third largest producer, for 12%. Together, the three leading countries account for 67% of total production.
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