MYSTEEL: China to face iron ore oversupply in 2023

China's iron ore market will witness a supply surplus this year as ore supply is seen growing overall while demand among steelmakers is likely to soften, according to Mysteel's newly published report on iron ore market trends for 2023.

Domestic iron ore supply including both output from local mines and imports is forecast to increase by 23 million tonnes on year to reach 1.41 billion tonnes in 2023, while this year's total demand will reach 1.39 billion tonnes, lower by 3.6 million tonnes from the estimate for 2022,