Global iron ore supply will definitely hike in 2024, but it may be less than expected

With more investments in global iron ore business, start-up of new projects and improvement of mainstream mine operating conditions, global iron ore supply will definitely hike in 2024, but it may not be as strong as expected. On November 9, Lei Pingxi, chief engineer of the China Metallurgical and Mining Enterprises Association, gave a report at the National Iron Ore Enterprise Production and Operation Symposium. He said that global iron ore supply increase is expected to be around 45 million mt in 2024, up 2% YoY.