Country Report

Global iron ore cost summary

22 December 2020

Get this report

$6,750

You can pay by card or invoice

Share link

Contact us

Submit your details to receive further information about this report.

First name
Last name
Company
Email
Telephone

Country

Message

Consent

Please keep me informed about Wood Mackenzie products, services and events.

For details on how your data is used and stored, see our Privacy Notice.

- FAQs about online orders
- Find out more about subscriptions

22 December 2020

Global iron ore cost summary

Report summary

Average seaborne cash costs in 2020 fell to US$29/tonne, compared to US$31/tonne in 2019 and global C1 operating costs were 9% lower than last year. The lower costs were a direct result of plummeting fuel prices in the first half of the year and lower exchange rates which were enough to offset additional costs associated with operating in a COVID-19 environment. We don't expect costs to rise much going forward as productivity and efficiency gains from automation continue to keep costs low.

Vale
Rio Tinto
BHP Billiton
Fortescue
Operating costs
- Delivered costs
Capital costs

Tables and charts

This report includes 24 images and tables including:

2020 Global total cash cost curve (US$/tonne) FOB / ex mine
Average total cash cost 2009-2030 (US$/tonne, nominal to 2020 and real thereafter)
Capital Expenditure by project category (nominal to 2020 and real thereafter)

2020 Global operating margin curve (US$/tonne)
Australia
Brazil
Cameroon
Canada
Chile
China
Guinea
India
Kazakhstan
Liberia
Mauritania
Peru
Republic of Congo
Russia
Sierra Leone
South Africa
Sweden
Ukraine
United States
Delivered contestable iron ore cash costs, CFR North China 2020 US$/dmt 62% Fe fines equivalent