Iron Ore Market Review 2014: Prospects Persist for Oversupply and Weak Prices

摘要

After a precipitous fall in 2014, iron ore prices should stabilize-and even rise modestly-in the near future, but shifting global economic trends and the shadow of significant oversupply may squash any hopes for quick market rejuvenation. As the world economy and industrial production slowed in 2013, world crude steel production increased from 1,545 million metric tons (mt) in 2012 to 1,599 million mt in 2013, a rise of 3.5%, according to the World Steel Association (WSA). Chinese crude steel output reached 779 million mt, up 8.7%, alone accounting for most of the growth during 2013. Global production recovered from a slowdown in 2012 and rose 1.9%, but is still far from the levels achieved during the supercycle.