Australia iron ore supply summary

Australia maintained its dominance in the iron ore market in 2023, with 59% margins and consistent year on year production performance. Stable supply from major producers – Australia, Brazil, and India, combined with mixed demand from Chinese steelmakers, contributed to stable iron ore prices for regional suppliers. Australian production saw a modest increase of 0.5%, achieving 945 Mt. Other factors contributing to increased production were the ramp up of Rio Tinto’s Gudai-darri mine and BHP’s South Flank. These developments solidify Australia’s position as a global leader in iron ore production.