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Fitch group team predicted that the iron ore production in the Asian-Pacific region would increase from the current 2.16 billion tons to 2.27 billion tons in 2025, and then turned into a structural decline to 2.17 billion tons in 2031.
Australia's high-quality iron ore resources would still be the price competitive advantage of the country's mining companies and projects, Fitch said.
Fitch explained that Australia dominates the project chain in the region, while the short-term growth in production in other regions before 2025 mainly comes from existing production mines.
The agency believed that rising energy prices and the possibility of recession in the largest economy would accelerate the decline in steel demand and bring downside risks to iron ore production.
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- [Editor:kangmingfei]
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