Iron ore: 5 things to look for in 2024

While Chinese economic recovery has disappointed, Chinese hot metal production remained resilient in 2023. The global iron ore markets will continue to witness fluctuating growth trends in 2024, as policy volatility in China remains a key driver. On the supply side, miners' investments will strengthen product portfolios, lead to decarbonising mine sites, support acquiring new technologies, and leverage capabilities to maintain growth.

Drawing on insight from our Iron Ore Research Suite, this report picks out five major themes that will shape the iron ore market in 2024. This includes: 

• China's economy at a crossroads: after a lacklustre recovery in 2023, should we remain pessimistic, or can we be cautiously optimistic about 2024?
• Supply complexity: mine development has become more complicated – a particular challenge as steelmakers begin to demand higher-grade ore
• Simandou: what could hinder the pace of progress in 2024?
• China on the global stage: Chinese domestic iron ore production to underperform targets, and the growing reach of CMRG
• Decarbonisation: an acceleration in the adoption of new technologies will create new green production hubs. 

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