CONF: Global iron ore supply to continue loosening

Supply of iron ore in the global market hasn't loosened this year as much as expected after the market shifted from a tight supply-demand balance to loose supply in 2024, Wang Yilin told delegates attending the 2025 16th Ferrous Value-Chain Summit held in Southeast China's Xiamen on November 19. Wang is deputy general manager of market research at China Mineral Resources Group (CMRG), a state-owned company managing domestic mineral resources.

Nonetheless, global iron ore supply is set to loosen in coming years, Wang maintained, not only because of new mining projects being launched but also an anticipated weakening of Chinese demand as the central government presses mills to focus on quality steel in future, rather than quantity. China, the world's