Mining Quarterly Review - Q1 2021

Globaldata’s Mining Quarterly Review - Q1 2021 report discusses the commodity trends, development projects, and market developments in detail.

After a 3% decline in 2020, global iron ore production is expected to increase 5.1% to 2,302.5 Mt in 2021 as the mine returns to full production. Rio Tinto, up to 100% The base is expected to produce up to 340 Mt of iron ore in 2021, and BHP has released a production forecast of 245-255 Mt, supported by the start of the Samarco project. Production of 1 to 2 million tons is expected in December last year. However, in the March quarter, Rio Tinto's iron ore production fell 1.7% year-on-year, and BHP production also fell. Vale's production increased from the first quarter of 2020 but decreased by 19.5% from the fourth quarter of 2020. However, BHP states that full-year production is expected to reach the guidance limit. Copper prices have risen sharply since the beginning of 2021, but iron ore prices have risen again in March, surpassing the US $ 170 / ton again. Meanwhile, the price of gold has fallen to an average of US $ 1,786 / oz in the first four months of the year.

Complete analysis of Mining Review:

• Commodity prices: Development of COVID-19 vaccines and improving economic outlook reduced the attractiveness of gold as safe heaven in Q1 2021. Overall, gold prices averaged US$1,638.6/oz in Q1 2021, down by 4.1% versus the previous quarter
• Coal production: Coal production from the top 11 companies fell from a collective 496.3Mt in Q1 2020 to 473.4Mt in Q1 2021. China Shenhua Energy, China National Coal Group, and SUEK reported a collective 6.3% yo-y increase in their output during the first quarter of 2021
• Iron ore production: Iron ore output grew in the first quarter on robust demand from China. Combined output from the top ten iron ore companies increased by a significant 7.2% to 311.9Mt in Q1 2021 vs 290.9Mt in Q1 2020

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