Global Production of Iron Ore Hit All-Time High in 2011

The world's production of iron ore, the key ingredient for making steel, despite continued slump of prices, has achieved an all-time high production record in 2011, according to a latest July report of the UN's Conference on Trade and Development (UNCTAD).

The world's total iron ore output last year reached 1.92 billion tonnes, up 4.7 per cent from a year earlier, UNCTAD's Iron Ore Market 2011-2013 report revealed.

"Output of this commodity, vital for steel production, increased in most regions and countries except Europe, where production stagnated," the report said.

The report noted that major iron ore producers for 2011 were Australia which increased production by 12.7 per cent, followed by Brazil at 5.1 per cent, and China, 2.1 per cent.

Production from India, another iron ore contributor, dropped 7.5 per cent to an estimated 196.0 million tonnes, the report added.

Iron ore production around the world continued to increase as new mining capacity that began operation in May 2011 hit 125 million tonnes, the report indicated.

Meanwhile, overseas iron ore trade in 2011 hit a record 1.115 billion tonnes as exports grew for the tenth consecutive year, the report said, of which developing countries accounted for 49.5 per cent of total exports in 2011.

"Their exports of iron ore have grown by 104.8 per cent since 2002," it added.

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