Global iron ore exports grew by 2% y/y in 2024

Global iron ore exports in 2024 increased by only 2% year-on-year – to about 1.6 billion tons. This is reported by BigMint.

Australia remains the largest exporter of this raw material (866 million tons, +1.4 y/y). The second place is taken by Brazil (390 million tons, +2.6% y/y) and South Africa (61 million tons, + 3.4% y/y).

China imported record volumes of iron ore in 2024 – 1.24 billion tons (+4.9% y/y). This was driven by an improved macroeconomic situation, especially in the second half of the year, which slightly improved sentiment, relatively stable steel production during the period, and falling prices for Australian fines.

Last year, all major mining companies increased their supply. In 2024, BHP increased ore production at its Western Australian mines by 3% y/y – to 290 million tons. Fortescue Metals Group recorded a 2% year-on-year increase in the supply of this raw material to 194 million tons in the period under review. Last year, Vale’s production increased by 2% y/y – to 328 million tons, the highest level since 2018.

Rio Tinto, BHP and FMG have maintained their production plans for 2025, while Vale has increased its forecast to 325-335 million tons from the previous 323-330 million.

India’s iron ore production in 2024 is expected to grow by 2% year-on-year to 284 million tons. This was driven by an increase in steel production in the country, growth in pellets and sponge iron production, which in turn increased demand for iron ore. Last year, domestic demand for this raw material grew by about 4% y/y – to 242 million tons. However, exports of raw materials from India declined at year-end amid domestic absorption.

As a reminder, iron ore prices in early February 2025 were marked by an increase after a decline in January. On the Dalian Exchange, May futures as of February 6 amounted to $112.22/t, while on the Singapore Exchange, March futures rose to $105.95/t.