Australia iron ore supply summary

In 2024, Australia maintained its dominance in the iron ore market with 50% margins despite a slight expected decline in production. Stable supply from major producers – Australia, Brazil, and India – combined with mixed demand from Chinese steelmakers contributed to stable iron ore prices for regional suppliers. Australian production saw a modest increase of 0.5%, achieving 945 Mt in 2023, and a slight decline is expected to 937 Mt in 2024. Trade relations with China improved, highlighted by joint projects like the Ashburton Hub and Western Range mine. These developments solidify Australia’s position as a global leader in iron ore production.