Brazil will be the leader in iron ore production growth

Fitch says Brazil’s iron ore production will grow by an average of 10.6% per annum during 2021 from 397 million tons in 2020 to 542 million tons in 2025.

“Over the longer term, production growth will slow down and we project a CAGR of 1.8% over 2026-2030, bringing annual production to 592 million tonnes by 2030,” Fitch said.

Iron ore prices rose again on Friday amid hopes for stronger steel demand in China.

According to Fastmarkets MB, the 62% Fe benchmark imported into North China changed hands at $ 157.55 per tonne, up 1.3% from last week’s close.

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