Global iron ore supply summary 2021 Report

Country Report 22 December 2021

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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

Report summary

2021 has been a spectacular year for the iron ore industry. Iron ore prices reached record highs and global seaborne cash margins reached an historical peak in the third quarter of this year. But despite high iron ore prices, global exports fell by almost 10 million tonnes. Climatic and operational challenges, along with increasing ESG requirements, have had an impact on output and we expect these challenges will continue into 2022. As the Chinese economy shifts from investment to consumption, iron ore demand will decline. Iron ore operators will increasingly need to adapt to a market that is slowing but has the additional need to meet steel decarbonisation requirements.

Vale
Rio Tinto
BHP
Fortescue Metals (FMG)
Operating costs
Delivered costs
Capital costs

Tables and charts

This report includes the following images and tables:

2021 Global total cash cost curve (US$/tonne) FOB / ex mine
Average total cash cost 2009-2030 (US$/tonne, nominal to 2021 and real thereafter)
Delivered contestable iron ore cash costs, CFR North China 2021 US$/dmt 62% Fe fines equivalent