Iron Ore Review 2009/2010

The unexpectedly quick recovery in world crude steel production in the second half of 2009 was due almost entirely to increased production in China that began in late 2008. Previous peaks in monthly production in China were matched by April 2009. The rest of the world had still not reached pre-crisis production rates by May 2010. Chinese production drives growth, but there has been some growth in most other larger crude steel producing countries as well, compared to production in 2009. If the production rate of the first four months of 2010 continues, the total output of crude steel in 2010 will be somewhere around 1,410 Mt (1.5 billion st), the same as in the record year of 2007.