Iron ore miners tout demand outlook as India targets 400 million tons of steel output by 2035

Rising steel demand in South and Southeast Asia is expected to lift global seaborne iron ore import needs, led by India’s plan to raise output from 168 million metric tons to 400 million tons by 2035. Rio Tinto has warned of a 650 million-ton iron ore supply gap by 2035 as existing mines deplete faster than new projects ramp up. Most new Asian steel capacity still relies on the lower-cost but higher-emissions blast furnace-basic oxygen furnace route, leaving green steel at under 4% of projected output. That mix is helping underpin iron ore prices.