According to Fitch Solutions, Brazil and India expanded their production of iron ore and China slowed its production of steel, the supply of iron ore will have a surplus in the short term. As of 2027, global iron ore will be oversupplied.

Based on the statistics, iron ore production totaled 3.3 billion tons in 2018 and that in 2027 will rise slightly by 0.5% to 3.4 billion tons. However, the growth rate in 2018-2027 was relatively low compared with the growth rate at 5% during 2008 and 2017.