Production of iron ore globally is expected to edge up by around 2% y-o-y to 2.54 billion tonnes (bnt) in CY’24 from a level of 2.49 bnt in CY’23, as per data accessed by BigMint. In CY’24, global steel demand is likely to rise by 1.9% y-o-y to 1,849 mnt, as per WSA projection. The supply of iron ore is expected to increase as investments in new projects and efforts to improve mining operations gather pace. Mining companies are actively working to meet the growing global demand for ore.
