Iron ore production declined 6.2% last year to 1.588 billion tons, according to the United Nations Conference on Trade and Development Trust Fund (UNCTAD) and Raw Materials Group. Australia and South Africa increased production. The world’s four largest producers of iron ore in 2009 were Australia, Brazil, India and China. In aggregate, Vale, Rio Tinto and BHP Billiton accounted for 35% of iron ore production. Iron ore trade increased 7.4% to 955 million tons (Mt) last year due to China, which accounted for two-thirds of all iron ore imports. New capacity for iron ore grew to reach 75 Mt, with more than 685 Mt of capacity expected this year and next year. However, tight capacity is forecast for the near term, as is further corporate consolidation and a “sellers’ market.”

Source: UNCTAD