2014 will be remembered as a significant turning point for the global iron ore market – a year of transition when the market finally moved into structural oversupply after a protracted period of tightness and super normal returns for producers. 2015 will be even more challenging with real consumption of finished steel in China forecast to grow by just 2% while the majors continue to expand iron ore supply. Big production cuts from high cost suppliers are required in order to balance the market.
Table of contents
Supply is up, but with fewer producers
Tables and charts
This report includes 10 images and tables including:
Chart 1: iron ore prices - close to bottoming out.
Chart 2: Chinese demand versus Australian supply.
Chart 3: Chinese steel production growth was all due to higher exports in 2014.
Chart 4: Displacement of domestic ore with imports will continue in 2015.