×

We are excited to announce that as of February 1, Wood Mackenzie is a portfolio company of Veritas Capital, a leading investor at the intersection of technology and government. Our focus remains on providing you with the best intelligence, analytics, data and tools to ensure you are making the best data-driven business decisions with confidence.  

Read more in our news release here. 

Commodity Market Report

Iron ore market service - Q4 2021 outlook to 2035

Get this report

$10,000

You can pay by card or invoice

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

- FAQs about online orders
- Find out more about subscriptions

15 December 2021

Iron ore market service - Q4 2021 outlook to 2035

Report summary

2021 was a misnomer of a year for iron ore. Demand registered it's first annual decline since 2016 while prices hit ten year highs! The driver was Chinese pig iron production which started strong but finished weak and is on track to fall by 6% in 2021, eroding nearly all the growth that occurred in 2020. As the Chinese economy shifts from investment to consumption and scrap increasingly displaces pig iron, demand for iron ore will continue to shrink. We have cut our supply forecast in response to lower demand and the ever increasing challenge posed by heightened ESG requirements. The net change to the forecast seaborne balance with this update is relatively insignificant, as are the adjustments to our price forecasts. A key challenge for suppliers of seaborne iron ore over the next 10+ years is how to adapt to a market that is on the verge of going ex-growth but with increasingly stringent quality requirements to meet the needs of steel decarbonisation.

Table of contents

Tables and charts

No table or charts specified

What's included

This report contains:

  • Document

    Iron ore market service - Q4 2021 outlook to 2035

    PDF 738.02 KB

  • Document

    Slide Pack Iron Ore Q4 2021 Update To 2035.pdf

    PDF 1.78 MB