BMI: Global iron ore production growth will accelerate, with supply growth mainly coming from Brazil and Australia

MiningWeekly, on July 4, the consulting enterprise Benchmark Mineral Intelligence (BMI) recently predicted that the growth rate of global iron ore production will accelerate in the next few years, thus ending the stagnation of iron ore production since it hit a 10-year low of 55 dollars/ton in 2015. BMI predicts that from 2023 to 2027, global iron ore production will experience an average annual growth rate of 2.3%, compared to -0.7% in the previous five years. This will increase production by 372.8 million tons in 2027 compared to 2022, with supply growth mainly coming from Brazil and Australia. Among them, from 2023 to 2027, the average annual growth rate of Australia's iron ore production was 0.2%; Brazil's iron ore production increased to 482.9 million tons, with an average annual growth rate of 3.4%. BMI also predicts that China's iron ore production will rebound again in the next 3-4 years to increase self-sufficiency and reduce import dependence. Due to the high production costs of iron ore in China and the continuous decline in grade, BMI expects Chinese companies to prioritize investing in overseas iron mines, such as the Simandou giant iron ore mine in Guinea.