China’s iron ore production grew by 10.4% to 123.4Mt (million tonnes) in 2020, mainly on the back of mines resuming production from March after the easing of COVID-19 restrictions
China produces low-grade iron ore and relies on imports for 70.0% of its domestic demand, with imports expected to increase given limited growth prospects for Chinese iron ore production
GlobalData expects China’s iron ore production to grow by just 0.1% in 2021, with a forecast period (2021–2025) compound annual growth rate (CAGR) of 1.5% to 130.9Mt in 2025. The growth rate is expected to remain flat due to the elimination of inefficient steel capacities, and in line with the government’s long-term environmental commitment. This has also led the country to move towards imports of high-grade iron ore (Fe 58–62%), which mainly originates from Australia and Brazil
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