Press Releases

China iron ore imports projected to grow at a CAGR of 1%, says GlobalData

28 Dec 2017

Chinese iron ore imports set to increase from 1,115.1 (million tonnes) mt in 2017 to around 1,161.2 mt by 2021, representing a compound annual growth rate (CAGR) of 1%, according to research and consulting firm GlobalData.

The company’s latest report “Iron Ore Mining in China to 2021 – Structural Reforms in Domestic Steel Industry to Enhance Iron Ore Imports” states that restructuring in domestic steel sector is likely to support iron ore imports as the sector encourages large integrated steel mills to produce high-grade steel products. Steel mills are mostly depends on imported iron ore.

Chinese iron ore consumption is expected to grow at a moderate CAGR of 0.6% over the forecast period supported by moderate growth in steel production at a CAGR of 0.6% to reach 866.4 mt in 2021. However, global steel production volume will increase 0.9% year-on-year due to production growth in CIS (Commonwealth of Independent States) countries and North America.

Chinese iron ore production after converted to correspond with world average Fe content is projected to decline from 154.1 mt in 2017 to reach 129.2 mt in 2021.

Source: Company Press Release

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