Exclusive iron ore port could boost Vale expansion plan

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.