Project Description

Vale said that it expects to produce between 310 million and 320 million tonnes of iron ore in 2024 matching this year’s output which is expected to reach 315 million tonnes.

The China Metallurgical Industry Planning and Research Institute has forecast that the country’s steel demand in 2023 will decline by 3.3% from 2022 and will contract a further 1.7% in 2024. The organisation expects construction steel demand to fall 4% next year. Official data for the first 11 months of 2023 showed crude steel production rising 1.5% year-on-year to 952.14 million tonnes while steel exports hit 82.66 million tonnes, the highest figure since 2016.

Download report