JOHANNESBURG (miningweekly.com) – Global iron-ore demand was expected to double to 3.5-billion tons a year by 2030, as China’s appetite for the steelmaking commodity continued to drive the market.
However, mining researcher Raw Materials Group pointed out that iron-ore industries across the globe would face a number of challenges. The Chinese iron-ore market continued to face hurdles in the country’s quest to gain control of 50% of imports, while Africa and other countries struggled with foreign direct investments.
India’s iron-ore exports could also decline on the back of the formidable growth planned by Indian steel companies, Raw Materials Group said on Monday, ahead of an iron-ore conference in Australia, where its chairperson will deliver a speech.
Rio Tinto CEO Tom Albanese believes that the iron-ore output of Australia’s Pilbara region will have to be replicated every five years to keep up with strong demand.