The four major mines achieved an iron ore production of 1.139 billion mt in 2024! Global iron ore supply is expected to continue growing in 2025!

Recently, the 2024 calendar year production and sales reports of the four major mines were released. According to statistics, the total iron ore production of the four major mines in 2024 reached 1.139 billion mt, up 16 million mt YoY, an increase of 1.4%. Global iron ore production in 2025 is expected to increase by over 70 million mt YoY to reach 2.65 billion mt. However, considering that iron ore prices still face downward pressure this year, a conservative estimate suggests the actual increase may exceed 36 million mt. Among them, production from large mines is expected to remain stable with upward potential, while the performance of medium and small mines is expected to further diverge based on ore price fluctuations, thereby determining the upper limit of the 2025 iron ore production increase. Overall, with mine production increasing and domestic demand further contracting, the supply and demand of iron ore in 2025 is still expected to remain in a loose balance, and the average ore price is expected to continue declining.