Industry Notes / Global mining: the metal map / Chapter 6 of 12 · Bar
Iron ore: surplus widens, cost floor rises
Bears on supply; bulls on more tonnes needing $80+
2026 surplus sketch
190
2030 surplus sketch
220
Global surplus ~190→220 Mt; Simandou costs toward ~$64. About 260 Mt still needs $80+ to stay economic—a higher floor, not a shortage story.
Source：SMM 铁矿供需模型；Simandou 爬坡公开数据
Research notes, not investment advice.