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 production had a significant share in 2020, down by a little share on 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, Australia had a major share followed 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 reserves held a significant position as of January 2021. The majority of these are located in Australia followed by Brazil, Russia and China. Meanwhile, Ukraine and Canada collectively accounted for percentage in share of the global total.
The Sino Iron Ore Mine, Mount Whaleback Mine and Karara Magnetite Project in Australia, the Vetria Projet, Carajas and Serra Sul S11D Projects in Brazil and the Mikhailovsky GOK, Lebedinsky GOK and Gusevogorskoye Mines in Russia are some of the largest mines in the world, in terms of total iron ore reserves.
Iron Ore Consumption
China, accounted for major share out of the global iron ore consumption, followed by India, Russia, and Japan in 2020.
GlobalData expects global iron ore consumption to grow over the forecast period till 2025. 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 is an international metals and mining company that carries out the mining, exploration and processing of various mineral resources. It supplies a range of minerals and metals, including aluminium, diamonds, uranium, copper, gold and iron ore. It operates port and rail facilities, smelters, refineries, processing plants and shipping, commercial and research facilities. The company also carries out exploration, technology and innovation business through research centres. It has operations in Europe, Africa, Asia-Pacific, the Middle East and the Americas.
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