Iron ore price retreats while BofA sees risk of market deficit in 2022

Supply disruptions from Russia and Ukraine may push the iron ore market into deficit in 2022, analysts at Bank of America said in a note.

Russia and Ukraine churn out around 107 million tonnes and 77 million tonnes of iron ore respectively, annually, and between them account for 8% of global production.

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Meanwhile, the two countries account for 4% of seaborne supplies.