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Global iron ore demand to double in 2030

According the forecasted made by Australian Intierra Resource Intelligence and Sweden’s Raw Materials Group (RMG), the global iron ore demand is expected to double to reach 3.5 billion tons in 2030, boosting the market. However, the predicted that the growth rate will slow down.

RMG indicated that China’s plan to control 50% iron ore imports will continue to face difficulty since the country’s investment in Africa and the direct investment in the other foreign regions may be more difficult than the forecast.

Meanwhile, the Indian iron ore exports might decline, affected by the strong demand from domestic steel mills.

In addition, RMG said that the iron ore output in China and India will dominate the balance between supply and demand in global iron ore market.