Vale predicted that due to increasing demand for low-carbon steel production all over the world, there will be a 70-million-ton supply gap of high-grade iron ore in 2030.

In 2030, according to Vale, the global steel output will reach 2.09 billion tons. Meanwhile, as more than 70 countries in the world make efforts to achieve net-zero emissions, which is currently one of the most popular notions in the whole steel industry, Vale believes that the demand for low-grade iron ore will go down from 900 million (2022) to about 570 million tons (2030).

At the same time, the demand for high-grade iron ore will go up from 40 million (2022) to 110 million tons (2030) accordingly.