The global demand for iron ore will double over the next 18 years driven primarily by China’s and India’s appetite for steelmaking.
According to a recent report by Raw Materials Group, iron ore demand is set to double to around 3.5 billion tonnes per year by 2030.
RMG says that while India and China will continue to drive the market for iron ore by purchasing vast amounts of the material crucial for steelmaking, both countries will have their challenges, with China facing hurdles particularly in Africa over their quest to control 50% of imports; and Indian steelmakers and iron ore miners clashing over how much iron ore should be exported to maintain a thriving domestic steel industry.
RMG Chairman Prof. Magnus Ericsson will address these themes at the Global Iron Ore & Steel Forecast Conference coming up in Perth on March 21st.
