Global Iron Ore Supply and Demand Situation Analysis 2023

Global iron ore shipments
According to data from the World Steel Association, from January to September 2023, the cumulative global iron ore shipments were 1.152 billion tons, an increase of 30.43 million tons compared with the same period in 2022, but a decrease of 16.37 million tons compared with the same period in 2021 (as shown in Figure 1 Show).

Changes in Global Hot Metal Production 
According to statistics from the World Steel Association (as shown in Table 1), China produced 675 million tons of molten iron from January to September 2023, accounting for 68.4% of the world's total, a year-on-year increase of 19.05 million tons; other countries (regions) except China produced 675 million tons of molten iron 312 million tons, a year-on-year decrease of 3.71 million tons.

Global Blast Furnace Ore Consumption
Judging from the year-on-year increase in blast furnace ore consumption in major regions around the world from January to September 2023 (Table 2), it can be seen that China has the largest increase in ore use, followed by India, and South Korea, the CIS and South Africa also have slight increases; year-on-year The decrease was mainly in Europe, America, Japan and Oceania, with a total reduction of iron ore consumption of 18.44 million tons.

Acorrding to Hainan West Asia Group Analasis, in the first three quarters of 2023, the world economic recovery was weak, and the global mining market struggled to recover. In terms of global iron ore demand, the countries with cumulative year-on-year increases from January to September 2023 are mainly China, India and South Korea, while the countries with significant decreases are mainly Europe, America, Japan, etc.
 

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