BMI: Iron Ore Output Growth to Accelerate Over Next Five Years

SEATTLE (Scrap Monster): In its most recent outlook study, BMI, a division of Fitch Solutions, predicted that the growth in iron ore output will pick up speed globally during the five-year period from 2025 to 2029.

By 2029, 2.92 billion tons of the raw material used in steelmaking are expected to be produced worldwide, according to BMI. Compared to the 1.2% rise in production over the preceding five years, this indicates an average annual growth of 2.5% over the anticipated five-year period, which is more than double.

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Guinea will become a key contributor to the anticipated expansion in production after the Simandou plant goes online. It is concerned, nevertheless, that the sector would be impacted by the nation's development delays.

In the upcoming years, BMI anticipates a recovery in the growth of Brazilian iron ore production. During the projection period, Brazil's domestic iron ore output is anticipated to grow at an annual rate of 3.1%, from 463 million tonnes to 528.7 million tonnes by 2029. According to the analysis, the nation's output is anticipated to increase even more, reaching 583.6 million tons by 2034.

The Chinese iron-ore sector is anticipated to become increasingly consolidated, recording a marginal year-on-year growth by 1% in 2025. Also, BMI forecasts 1.5% year-on-year jump in Russian iron ore production.