Global Consumption of Iron ore, 2017 - 2025 (Million Tonnes) (2024)

• Global Consumption of Iron ore amounted to 2,046.05 Million Tonnes in 2020

• Consumption grew by a CAGR of 2.52% between 2017 to 2020

• GlobalData projects the Consumption to decline at a CAGR of ...

Global iron productionhad a significant sharein 2020, down bya little shareon the previous year. South Africa, India and Brazil were the major contributors to this fall with reductions in output.The falls across these countries were due to a range of factors including COVID-19 impact, poor weather conditions, tailing dam restrictions and delays in the start of new mines. Of the total global iron ore production in 2020, Australiahad a major sharefollowed by Brazil,India,and China.

China is the world’s largest iron ore importer, while Australia and Brazil are the top exporters. China’s imports grew in 2020. Despite deteriorating trade relations between China and Australia, Australia remained the largest supplier of iron ore to China. Meanwhile, imports from other countries such as Brazil, South Africa and India were collectively less than half that imported by China from Australia.

Global iron ore reserves by country

According to the US Geological Survey (USGS), global crude ore reservesheld a significant positionas of January 2021. The majority of theseare located inAustralia followed by Brazil, Russia and China. Meanwhile, Ukraine and Canada collectively accounted forpercentage in shareof the global total.

The Sino Iron Ore Mine, Mount Whaleback Mine andKararaMagnetite Project in Australia, theVetriaProjet,Carajasand Serra Sul S11D Projects in Brazil and theMikhailovskyGOK, Lebedinsky GOK andGusevogorskoyeMines in Russia are some of the largest mines in the world, in terms of total iron ore reserves.

Iron Ore Consumption

China, accounted formajor share outof the global iron ore consumption, followed by India,Russia, and Japan in 2020.

GlobalDataexpects global iron ore consumption to grow over the forecast periodtill2025. India is expected to be a key contributor to this growth, with output expected to grow mainly with the support of infrastructure development plans and growing steel production. Meanwhile, China’s iron ore consumption is expected to grow amid the government’s long-term target to achieve zero-emission targets by 2060.

Company profile

Rio Tinto

Rio Tintois an international metals and mining company that carries out the mining,explorationand processing of various mineral resources. It supplies a range of minerals and metals, including aluminium, diamonds, uranium, copper,goldand iron ore. It operates port and rail facilities, smelters, refineries, processing plants and shipping, commercial and research facilities. The company also carries out exploration,technologyand innovation business through research centres. It has operations in Europe, Africa, Asia-Pacific, the MiddleEastand the Americas.