Temporal and spatial evolution of global iron ore supply-demand and trade structure

Abstract

Driven by economic demand, the world's iron ore production has been on the rise since the 1970s. The total production has increased 1.77 times, with an average annual growth rate of 2.24%, indicating that iron ore production has become a large-scale industry. The total output of iron ore in international trade has increased 4.35 times, with an average annual growth rate of 3.72%, iron ore has become one of the main seaborne cargo. The above supply-demand structure suggests that the world's steel industries are mainly supported by sea-transportation across the northern and southern hemispheres, and the continued supply from specific countries. There is almost no alternatives. Such a fragile industrial chain is obviously not conducive to the security of the world economy, and it also buries potential risks for the development of related industries. This analysis reveals that it has become an important task for relevant countries to formulate new economic policies to deal with the unbalanced supply-demand and trade structure of iron ore resources in the world.