Commodity Market Report
Global iron ore strategic planning outlook – Q2 2024
This report is currently unavailable
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Through the first half of 2024, Chinese crude steel production has been 2% below the level of last year. We project only moderate growth for steel demand in 2024. The pockets of optimism from stimulus measures seem to be fading faster each time. Ambitions from China to cap this year’s production to a level similar to 2023 do not bode well for iron ore demand while supply appears ample, which will pressure prices. In the long term, China's demand for iron ore will shrink by 590 Mt (2024-2050). While additional supply from Simandou will contribute to an oversupplied market, pressuring prices lower, demand for direct charge ores and high-grade fines will increase, and quality differentials will widen to meet the needs of steel decarbonisation. This report presents our current assessment of iron ore market dynamics and our long term price outlook.
Table of contents
-
Executive summary
- Demand:
- Supply:
- Price:
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Insight
Webinar: Olefins value chain strategic planning outlook 2025
Watch our Strategic Planning Outlook webinar for the olefins value chain here
$900
Insight
Tokyo Metals and Mining Briefing 2025
Ferrous market outlook, energy transition, and trade dynamics—key insights from Wood Mackenzie’s Metals and Mining Tokyo briefing.
$1,050
Insight
Delayed Energy Transition Oils: A Crude Awakening?
Wood Mackenzie’s Delayed Energy Transition scenario: what does it means for oil and refining
$1,350
