According to GlobalData, a leading UK data analytics and consulting company, global iron ore output will fall by 1.2% year-on-year to 2.23 billion tons in 2020, while global iron ore consumption was estimated to reach 2.03 billion tons in the same period, decreasing by 2.8% year-on-year.

The main reasons for reduced production include bad weather intervened, suspension of auctions, and closure of mines due to epidemic outbreak.

While consumption decline mainly due to postponement of planned project in construction industry and the low demand in the global automotive industry.