The global production of iron ore products reached 2.2 billion tonnes in 2020 and is expected to reach 2.35 billion tonnes in 2021, according to Fastmarkets.
Despite the Covid-19 pandemic, China has imported a record amount of iron ores, pushing the metal price high. Tight supplies helped lift the most-active futures contract for 62% iron ore fines delivered to China to $174.94 per metric tonne on March 4, the highest settlement since August 2011.
Global total imports amount to 1,170 million tonnes in 2020, 9.3% higher than 2019. The total imports to China exceeded 73% of the world total shipped.