Global Iron Ore Market Report 2021: Demand For Iron Ore Grows As Global Economy Bounces With COVID-19 Pandemic Declining


DUBLIN, November 16, 2021– (COMMERCIAL THREAD)–The “Iron Ore – Global Market Trajectory and Analysis” report was added to offer.

Global iron ore market to reach 2.7 billion metric tons by 2026

Supported by end-use industries and the positive outlook in developed and developing economies, demand for steel is expected to increase in 2021 and 2022.

The industry is likely to benefit from a possible stabilization of the ongoing COVID-19 waves as well as vaccination programs, facilitating the gradual return to normal of countries consuming primary steel. The steel industry has seen a faster-than-expected recovery from the impact of lockdowns and production disruptions amid the COVID-19 outbreak.

The rebound can be attributed to the strong contribution from major end-use sectors such as construction and automotive. Representing the primary steel consumer, the global construction sector recorded a decline in output in 2020, significantly higher than the 2% drop recorded during the financial crisis of 2009. However, the sector is expected to recover quickly. and reach 2019 levels.

Amid the COVID-19 crisis, the global iron ore market estimated at 2.1 billion metric tons in 2020, is expected to reach a revised size of 2.7 billion metric tons by 2026, with growth at a CAGR of 3.7% during the analysis period. .

Fines, one of the segments analyzed in the report, is expected to grow at a CAGR of 4% to reach 1.3 billion metric tonnes by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the HBI / DRI segment is readjusted to a revised CAGR of 3.4% for the next 7 year period. This segment currently represents a 27.3% share of the global iron ore market.

The US market is estimated at 32.7 million metric tons in 2021, while China is expected to reach 1.6 billion metric tons by 2026

The iron ore market in the United States is estimated at 32.7 million metric tons in 2021. The country currently accounts for a 1.5% share of the global market. China, the world’s second-largest economy, is expected to reach an estimated market size of 1.6 billion metric tons in 2026, with a CAGR of 4.1% throughout the analysis period.

Other notable geographies include Japan and Canada, each forecasting growth of 1.6% and 1.9% respectively over the analysis period. In Europe, Germany is expected to grow at a CAGR of around 2.9% while the rest of the European market (as defined in the study) will reach 1.7 billion metric tonnes by the end of the period analysis.

Traditionally, China has been the main driver of the growth of the iron ore industry around the world and is expected to remain so for the next several years. Any change in the country’s steel production greatly influences the world trade in iron ore. China’s demand for iron ore is mainly driven by rapid urbanization and industrialization and robust GDP growth, which exceeds the growth rates of most Western countries.

Pellet segment to reach 426.3 million metric tonnes by 2026

In the global pellet segment, the United States, Canada, Japan, China and Europe will lead the estimated 3% CAGR for this segment. These regional markets representing a combined market size of 244.9 million metric tonnes in 2020 will reach a projected size of 329.6 million metric tonnes by the end of the analysis period.

China will remain among the fastest growing countries in this group of regional markets. Led by countries such as Australia, India and South Korea, the Asia-Pacific market is expected to reach 81 million metric tons by 2026, while Latin America will grow at a CAGR of 3, 6% during the analysis period.

Main topics covered:




  • Iron Ore Market Overview

  • Positive outlook for steel industry to stimulate demand for iron ore

  • Factors Affecting the Steel and Iron Ore Market

  • Decarbonized steel market

  • Overall steel price performance

  • Chinese steel industry

  • Trade tensions

  • Iron ore prices rise

  • Demand for iron ore rises as global economy rebounds as COVID-19 pandemic recedes

  • China iron ore and steel production

  • Positive forecast for iron ore production

  • Iron ore giants challenged in race to meet Chinese demand

  • China: the key regional market for iron ore

  • China remains at the forefront of importing iron ore

  • An overview of China’s domestic iron ore production

  • China continues to rely heavily on Australian iron ore despite continuing trade tensions

  • COVID-19 leaves China with fewer alternatives to Australia

  • Vale plans to push iron ore shipment to China


  • Iron ore production

  • Iron ore reserves



  • Global Market Outlook and Outlook

  • China remains the main steel exporter in 2020

  • The EU remains the leading importer of steel


  • Innovations and advances


2. FOCUS ON CERTAIN PLAYERS (Total 97 featured)

  • Anglo American Plc

  • ArcelorMittal SA

  • BHP Billiton Group

  • Champion Iron Limited

  • Cleveland-Cliffs Inc.

  • Ferrexpo SA

  • Fortescue Metals Group Ltd.

  • Hainan Mining Co., Ltd.

  • Hancock Prospecting Pty Ltd

  • Luossavaara-Kiirunavaara AB

  • Machel DTP

  • Metalloinvest MC SARL

  • Rio Tinto Group

  • United States Steel Company

  • Vale SA


  • The outlook for the iron ore market is highly dependent on the scenario of the global construction industry

  • COVID-19 Impacts Global Construction Industry in 2020, Outlook Bright

  • Demand for steel in the automotive industry picks up in 2021

  • Ongoing Transition to Lighter Vehicles to Drive Future Demand for Automotive Steel

  • Steel versus aluminum: the dilemma persists for a better lightweight automotive material

  • The critical importance of steel in machinery manufacturing bodes well for future growth

  • The suitability of steel in home appliance and metal products fields bodes well for future growth

  • Metal boxes: niche end-use segment




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Laura Wood, Senior Press Director
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