Country Report
Global iron ore supply summary 2021
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
2021 has been a spectacular year for the iron ore industry. Iron ore prices reached record highs and global seaborne cash margins reached an historical peak in the third quarter of this year. But despite high iron ore prices, global exports fell by almost 10 million tonnes. Climatic and operational challenges, along with increasing ESG requirements, have had an impact on output and we expect these challenges will continue into 2022. As the Chinese economy shifts from investment to consumption, iron ore demand will decline. Iron ore operators will increasingly need to adapt to a market that is slowing but has the additional need to meet steel decarbonisation requirements.
Table of contents
- Vale
- Rio Tinto
- BHP
- Fortescue Metals (FMG)
- Operating costs
- Delivered costs
- Capital costs
Tables and charts
This report includes the following images and tables:
-
2021 Global total cash cost curve (US$/tonne) FOB / ex mineAverage total cash cost 2009-2030 (US$/tonne, nominal to 2021 and real thereafter)Delivered contestable iron ore cash costs, CFR North China 2021 US$/dmt 62% Fe fines equivalent
-
Capital Expenditure by project category (nominal to 2021 and real thereafter)2021 Global operating margin curve (US$/tonne)AustraliaBrazilCameroonCanadaChileChinaGuinea
- 12 more item(s)...
What's included
This report contains:
Other reports you may be interested in
Insight
Value-in-use iron ore costs Q1 2026
Q1 2026 iron ore value-in-use adjusted costs are up 5.4% compared to last quarter, and margins are below 40% in Q1 2026.
$5,000
Country Report
Global iron ore supply summary 2025
Iron ore margins remain strong in 2025. Avg cost: US$59.8/t. Capex rises to US$17.2B, driven by quality upgrades and emissions goals.
$6,750
Country Report
China iron ore supply summary
Lower prices, falling demand and competition from seaborne imports will cause Chinese iron ore supply to decline over the long term.
$6,750
