Global iron ore production growth to average 3.6% between 2021-25

India's ore output growth seen at 194 million tonnes in 2030, with annual output growth averaging 1.1%

Global iron ore production growth will accelerate in the coming years, bringing an end to the stagnation that has persisted since ore prices hit a decade-low of $55 per tonne on average in 2015, Fitch Solutions said in its report.  

“We forecast global mine output growth to average 3.6 percent over 2021-2025 compared to -2.3 percent over the previous five years. This would lift annual production by 571 million tonne in 2025 compared to 2020 levels, roughly the equivalent of India and Brazil's combined 2020 output,” said the report.

Supply growth will be primarily driven by Brazil and Australia. Brazilian