According to the report from Fitch Solutions, global iron ore production growth was expected to accelerate in the coming years. Fitch forecasted that global iron ore production will grow by an average of 3.6% between 2021 and 2025, while the number was -2.3% in the previous five years.

The supply growth was mainly led by Brazil and Australia. Besides, Chinese iron ore production will also increase in the next 3-4 years as the country is striving to achieve self-sufficiency on iron ore.

By the year 2030, the global annual iron ore production will probably reach 592 million tons.