Fitch Group: Global iron ore capacity to increase at average rate of 2.7% in 2022-2026
5 Aug 2022 16:00 reported by Alex Lo
According to a Fitch Group's research report, after the global economic stagnation in the past five years, the global iron ore capacity will increase quickly from 2022 to 2026.
Fitch Group estimated that the global iron ore production will increase at an average rate of 2.7% within 5 years, and it will increase the iron ore output in 2026 by 361 million tons based on the base of 2022.
Fitch Group said that the most of increase will be from Brazil and Australia because Vale has already promised to increase its production in Brazil, and BHP, Vale, and Fortescue also used the current profit to increase production in Australia.
In the next three to five years, the iron ore capacity in China will increase again as China will make an effort to increase its self-sufficiency rate in order to lower its reliance on Australia.
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