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Country Report

Global iron ore supply summary 2021

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22 December 2021

Global iron ore supply summary 2021

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 24 images and tables including:

  • 2021 Global total cash cost curve (US$/tonne) FOB / ex mine
  • Average total cash cost 2009-2030 (US$/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)
  • Australia
  • Brazil
  • Cameroon
  • Canada
  • Chile
  • China
  • Guinea
  • India
  • Kazakhstan
  • Liberia
  • Mauritania
  • Peru
  • Republic of Congo
  • Russia
  • Sierra Leone
  • South Africa
  • Sweden
  • Ukraine
  • United States

What's included

This report contains:

  • Document

    2021 Global Iron Ore Summary.xls

    XLS 2.52 MB

  • Document

    Iron ore global supply summary fiscal data_2020.xls

    XLS 154.50 KB

  • Document

    Global iron ore supply summary 2021

    PDF 864.82 KB