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Iron Ore May 24, 2021 01:20:57 PM

Fitch Foresees Accelerated Growth in Global Iron Ore Output

Paul Ploumis
ScrapMonster Author
The strong pipeline of projects, reduced operating costs and rising demand for high-quality iron ore will all lead to increased output from Brazil.

Fitch Foresees Accelerated Growth in Global Iron Ore Output

SEATTLE (Scrap Monster): The new market report published by Fitch Solutions forecasts accelerated growth to global iron ore production, mainly driven by Brazil. It foresees average iron ore mine output growth of 2.4% over the five-year period from 2021 to 2025, as compared with -2% average growth during the previous five year period. When compared with 2020 levels, the annual production in 2025 will witness a surge by 378 million tonnes, said Fitch.

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The growth in production will be mainly led by Brazil. The Brazilian iron ore output is projected to grow at an annual rate of 5.9% over 2021, thus rising from 390 million tonnes in 2020 to 529 million tonnes by 2025. The country’s iron ore production growth is set to rebound in the forthcoming years, after witnessing contraction over 2018-2020. The strong pipeline of projects, reduced operating costs and rising demand for high-quality iron ore will all lead to increased output from Brazil.

Meantime, Fitch forecasts Australia’s iron ore production to grow at an annual rate of 1.7% over the period from 2021 to 2025. Furthermore, it predicts iron ore production levels in China to stabilize over the five-year period, following the recent dramatic decline.

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