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Iron ore supply to normalise Author Warren Patterson Expect further pressure on iron ore prices in 2024 More supplies from Brazil and higher shipments from Australia mean we re expecting a softening to US$75/t by the end of next year In this article A standout 2024 Demand growth mismatch Iron ore processing at a plant in Brazil Share
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The global iron ore pellets market size was valued at USD billion in 2024 and is expected to grow at a compound annual growth rate CAGR of % from 2024 to 2024 Expanding steel production in developing economies of Asia Pacific such as India China and Vietnam is a crucial factor expected to fuel market growth over the coming years
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The most traded January iron ore on China s Dalian Commodity Exchange DCIOcv1 ended daytime trade % lower at yuan $ a tonne after hitting its lowest since Sept 2 at yuan
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Brazilian iron ore exports fetched an average price of $ per ton in April compared with $ per ton in the same month last year the ministry said Together iron ore and soy
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Iron ore prices stayed relatively stable as the impact of declining steel output outside China had been largely offset by strong demand from Chinese steel manufacturers and supply problems in Brazil Europe Iron ore costs for steel production in Europe climbed steadily over the year 202 outpacing met coal costs further
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On Monday benchmark iron ore surged over US$180 a tonne the highest since May 2024 following news that China s crude steel production jumped 19 per cent last month from a year earlier
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Yes China buys iron ore from Brazil Brazil is one of the world s largest producers of iron ore and China is one of the world s largest consumers of iron ore China s demand for iron ore has grown substantially in recent years and Brazil has been able to capitalize on this demand by increasing its exports of iron ore to China
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This statistic represents Brazil s seaborne iron ore demand between 2024 and 2024
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As evident in Figure the world s iron ore production has increased from Bt in 2024 to Bt in 2024 China is the largest iron ore producing country producing about Bt in 2024 about 45% of the world s iron ore production followed by Australia and Brazil with their combined production of 919 Mt in 2024
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Global iron ore supply will struggle to keep pace with demand Major producers with operations in the low cost mining hubs of Australia and Brazil are expected to dominate export growth with a shift towards increasing supply of high grade ore to help meet tightening carbon emissions standards in the global steel sector
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We at Fitch Solutions are forecasting strong growth in Brazil s iron ore production of % y o y in 2024 with sustained growth of over 7% y o y in 2024 and 2024 driven by an expansion in Vale s output Vale continues to dominate Brazil s iron ore mining sector producing % of the country s iron ore production in 2024
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Imports In 2024 Brazil imported $ in Iron Ore becoming the 47th largest importer of Iron Ore in the world At the same year Iron Ore was the 502nd most imported product in Brazil Brazil imports Iron Ore primarily from Russia $ India $ United States $490k Bolivia $121k and China $
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At 396km this iron ore slurry pipeline is the world s longest and offers environmental safety and 99% average availability The new slurry pipeline built in 2024 also measures 396km Samarco Mineracão s Alegria iron ore mine is in Brazil s Iron Quadrangle about north of the depleted Germano deposit
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Brazil s deadly coronavirus outbreak has disrupted global supplies of iron ore just as demand from China is revving up pushing the price of the steel ingredient to a seven month high
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Brazil s worsening COVID 19 crisis and the reduced shipment of iron ore from the South American country have led to a surge in global iron ore prices on the back of resilient demand from China
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Shares in Brazil s Vale one of the world s largest iron ore suppliers are up by almost a fifth since the start of 2024 and last month it posted a 600 per cent year on year jump in quarterly
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Worldwide imports of iron ore totaled billion tons in 2024 down by % over the 5 year period starting in 2024 The shipment weight of imported iron ore fell by % from billion tons during 2024 China 1 038 685 477 tons of imported iron ore down % from 2024 Japan 113 073 903 tons up %
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Based on the production of usable iron ore Australia and Brazil are the two largest iron producers in the world In 2024 Australia produced an estimated 900 million metric tons of
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Iron Ore Pellets Market 2024 2024 Iron Ore Pellets Market 2024 2024 The global iron ore pellets market is estimated at US$ Bn in 2024 and is expected to grow with significant rate during
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Almost all 98% iron ore is used in steelmaking Iron ore is mined in about 50 countries The seven largest of these producing countries account for about three quarters of total world production Australia and Brazil together dominate the world s iron ore exports each having about one third of total exports
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China is also the largest consumer of iron ore globally with it importing about 80% of the iron ore it uses mostly from Brazil and Australia Copper although slightly down on Friday was still up about % this week with a monthly gain of about % At the time of writing copper was trading at about $ per pound
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Carajás Mine the world s largest iron ore mine is located in the state of Para in northern owned by Brazilian miner Vale CVRD it holds billion metric tonnes of iron ore in proven and probable reserves The Carajas region boasts the richest reserves and concentrations of iron ore anywhere in the world and was discovered entirely by accident in the late 1960s when a US
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Iron ore supply is set to increase by 80 million to 100 million tons next year and there may be some supply normalization after Brazil s production shortfalls However demand is the unknown part
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For every 1 ton of iron ore concentrate produced approximately tons of iron ore tailings will be discharged Statistics show that there are 130 million tons of iron ore discharged every year
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Brazil s worsening Covid 19 crisis is making waves in the commodities world with reduced iron ore shipments from the South American country lifting the price of the steel making material by 30%
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MANILA June 1 Reuters China s iron ore futures rose more than 6% on Monday as strong domestic demand for the steelmaking raw material and concerns over supply from key exporter
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In terms of production Australia and Brazil are the top exporters of iron ore China is the largest importer of iron ore Thus Chinese demand dictates the iron ore market The major restraint for Iron ore Market is the environmental pollution and its impact on human health associated with the mining beneficiation and transportation of iron ore
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Of the billion tons of total iron ore consumption in 2024 worldwide billion tons are traded in the seaborne market Asia is the largest customer with 90% of seaborne iron ore demand with most seaborne iron ore going to China Japan and South Korea China is the largest customer with more than 70% of seaborne iron ore demand
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Dalian iron ore futures surged past $100 a tonne on Thursday recovering lost ground as concerns about tightening supply of the steelmaking commodity from coronavirus hit Brazil prevailed over a bleak outlook for global steel demand
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Brazil again plays a key role in setting the direction of global iron ore prices since the country the second largest global producer accounts for a significant share of supply But as soon as the supply shock subsides the market s fate will hinge on China s still fragile economic rebound
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