Restructuring supply and demand, deep technological integration, and market synergy are driving the industry's future.

Against the backdrop of global industrial restructuring and the accelerated low-carbon transition, the iron ore industry is undergoing a profound transformation from a scale-driven to a quality-driven economy. The dynamic balance of supply and demand, the deep integration of technology and industry, and the collaborative symbiosis of market players are collectively shaping a new paradigm for the global iron ore industry, providing critical support for the stable operation of the downstream steel industry chain and the sustainable development of global industry.

The restructuring of supply and demand has become a core variable driving industry development. On the one hand, the demand structure in major global steel-producing regions continues to optimize. Increased production of high-end steel products is driving increased demand for high-grade iron ore, while the market share of low-grade iron ore is gradually shrinking, forcing mining companies to adjust their resource development strategies. The proportion of investment in high-grade iron ore projects is expected to increase from 45% in 2020 to 62% in 2024. On the other hand, emerging mineral-rich countries are accelerating their iron ore industry development. Some countries in West Africa and South America are attracting multinational mining groups by improving infrastructure and optimizing investment policies. In the first half of 2024, iron ore exports from emerging suppliers increased by 38% year-on-year, gradually breaking the traditional supply structure and injecting new vitality into the global market. Furthermore, uncertainties such as extreme weather and logistics bottlenecks are prompting the industry to prioritize supply chain resilience. The proportion of long-term supply agreements signed has increased by 15% year-on-year, effectively mitigating short-term price fluctuations.

The deep integration of technologies is injecting lasting momentum into industry development. The integration of technologies like artificial intelligence and the Internet of Things into the iron ore industry has expanded beyond single links to encompass the entire supply chain. In resource exploration, 3D geological modeling and drone-based aerial surveying have increased resource discovery efficiency by 40%, significantly reducing exploration costs. In production and processing, intelligent beneficiation systems optimize process parameters through real-time data analysis, increasing iron ore concentrate output efficiency by 25% and improving impurity control accuracy by 30%. In logistics and transportation, blockchain technology enables full traceability of iron ore trade, increasing logistics information transparency by 50% and reducing supply chain disputes. This technological integration not only improves industry operational efficiency but also drives the iron ore industry's transformation toward digitalization and intelligence. By 2024, global investment in digital transformation in the iron ore industry will increase by 28% year-on-year, becoming a key driver of industry growth.

Market synergy and symbiosis are building a new ecosystem for industry development. Faced with a complex market environment, stakeholders across the global iron ore industry chain are accelerating the formation of collaborative mechanisms. Mining and steel companies are jointly developing customized iron ore products suitable for high-end steel production through the establishment of R&D centers, increasing product added value by over 30%. Trading and logistics companies are collaborating to optimize transportation routes, leveraging multimodal transport systems to shorten iron ore shipping cycles by 12%, reducing logistics costs. Industry associations are spearheading the development of unified environmental protection and quality standards, driving global iron ore companies toward low-carbon and standardized development. By 2024, the global iron ore industry's average carbon emissions were projected to decrease by 18% compared to 2020. This collaborative and symbiotic model breaks down barriers within the traditional supply chain, enabling resource sharing and complementary advantages, and boosting the industry's overall competitiveness.

Moving forward, as global low-carbon goals deepen and industrial technology continues to advance, the iron ore industry will need to further optimize its supply and demand structure, deepen technological integration, and strengthen market collaboration to address global challenges with a more robust development momentum and contribute to the stability and upgrading of the global industrial system.