Brazil's iron ore production has shown variability over the past decade, peaking in 2019 at 415.88 Million Metric Tons before dipping significantly in 2020 to 350.15 Million Metric Tons. The production rebounded in 2021 and continued to increase steadily, reaching 439.14 Million Metric Tons in 2023. The year-on-year variation in 2023 was 1.3%, slightly down from 1.35% in 2022. The compound annual growth rate (CAGR) over the past five years averaged 1.39%. Looking forward, forecasts indicate continued growth at a forecast CAGR of 1.02%, reaching 468.6 Million Metric Tons by 2028, implying a five-year growth rate of 5.23%.
The historical trends depict resilience in Brazil’s iron ore market with occasional downturns attributed to market conditions and external factors. The future trend to monitor includes technological advancements in mining, shifts in global demand, and environmental regulations that could impact production levels.
