Iron ore production sets record in 2011
Developing countries accounted for 49.5pc of total exports
Dhaka, July 31 (UNB) - The world iron ore market achieved an all-time high production of 1.92 billion tonnes in 2011, up 4.7 per cent from 2010, according to Unctad’s Iron Ore Market 2011–2013 study.
Developing countries accounted for 49.5 percent of total exports in 2011. Their exports of iron ore have grown by 104.8 percent since 2002, according to a message received here from Unctad (Geneva).
The world iron ore production continued to grow after the gradual post-crisis recovery of the global steel industry, as new mining capacity starting operation since May 2011 reached 125 million tons, the report indicates.
The output of this commodity, vital for steel production, increased in most regions and countries except Europe, where production stagnated, the report reveals.
Among the major producers, Australia increased production by 12.7 percent, Brazil by 5.1 percent, and China by 2.1 percent. Production in India declined to an estimated 196.0 million tons in 2011, down 7.5 percent.
In 2011, international iron ore trade reached a record 1.115 billion tons as exports increased for the tenth year in a row, the report says.
The world recovery in crude steel production since the financial crisis has been almost entirely due to China, where production started increasing again in November 2008, and previous peaks in monthly production had already been matched by April 2009.
Subsequently, China’s import of iron ore increased by 11.0 percent in 2011 compared to 2010, or to 686.7 million tons, and the country accounted for 60.1 percent of total world imports, the report notes.
Steel production elsewhere in the world was also growing though it had still not reached its pre-crisis production levels by the end of 2011.
In Japan, imports of iron ore fell by 4.4 percent to 128.4 million tons. Imports by the Republic of Korea increased by 15.3 percent to 64.9 million tons.
European imports (excluding the CIS countries) rose by 16.8 percent in 2011, reaching 156.4 million tons, or just over 13.7 percent of world imports.
Iron ore prices continued on an upward trend through most of 2011, the report says, as Chinese demand recovered and domestic Chinese iron ore producers were unable to keep up with this demand.
Towards the end of 2011, however, prices declined in following a slowdown in Chinese growth and the worsening economic outlook for European countries.
During the first half of 2012, the prices remained more or less constant at a level which, although high from a historical point of view, just allows high-cost producers, such as those in China, to break even, the report says.
Developing countries accounted for 49.5 percent of total exports in 2011. Their exports of iron ore have grown by 104.8 percent since 2002, according to a message received here from Unctad (Geneva).
The world iron ore production continued to grow after the gradual post-crisis recovery of the global steel industry, as new mining capacity starting operation since May 2011 reached 125 million tons, the report indicates.
The output of this commodity, vital for steel production, increased in most regions and countries except Europe, where production stagnated, the report reveals.
Among the major producers, Australia increased production by 12.7 percent, Brazil by 5.1 percent, and China by 2.1 percent. Production in India declined to an estimated 196.0 million tons in 2011, down 7.5 percent.
In 2011, international iron ore trade reached a record 1.115 billion tons as exports increased for the tenth year in a row, the report says.
The world recovery in crude steel production since the financial crisis has been almost entirely due to China, where production started increasing again in November 2008, and previous peaks in monthly production had already been matched by April 2009.
Subsequently, China’s import of iron ore increased by 11.0 percent in 2011 compared to 2010, or to 686.7 million tons, and the country accounted for 60.1 percent of total world imports, the report notes.
Steel production elsewhere in the world was also growing though it had still not reached its pre-crisis production levels by the end of 2011.
In Japan, imports of iron ore fell by 4.4 percent to 128.4 million tons. Imports by the Republic of Korea increased by 15.3 percent to 64.9 million tons.
European imports (excluding the CIS countries) rose by 16.8 percent in 2011, reaching 156.4 million tons, or just over 13.7 percent of world imports.
Iron ore prices continued on an upward trend through most of 2011, the report says, as Chinese demand recovered and domestic Chinese iron ore producers were unable to keep up with this demand.
Towards the end of 2011, however, prices declined in following a slowdown in Chinese growth and the worsening economic outlook for European countries.
During the first half of 2012, the prices remained more or less constant at a level which, although high from a historical point of view, just allows high-cost producers, such as those in China, to break even, the report says.
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