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Report World - Iron Ores and Concentrates - Market Analysis, Forecast, Size, Trends and Insights for 499$
Report Update Nov 1, 2024

World - Iron Ores and Concentrates - Market Analysis, Forecast, Size, Trends and Insights

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Global Iron Ore Market 2024

Iron Ore Market Size

In 2021, the global iron ore market increased by 17% to $X, rising for the fifth year in a row after three years of decline. In general, the total consumption indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +86.2% against 2016 indices. Over the period under review, the global market reached the maximum level in 2021 and is expected to retain growth in the near future.

Iron Ore Production

In value terms, iron ore production reduced modestly to $X in 2021 estimated in export price. Over the period under review, production saw a pronounced curtailment. The growth pace was the most rapid in 2019 when the production volume increased by 36% against the previous year. Global production peaked at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Iron Ore Exports

Exports

In 2021, shipments abroad of iron ores and concentrates increased by 3.3% to X tons, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of +3.6% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when exports increased by 14% against the previous year. Over the period under review, the global exports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, iron ore exports skyrocketed to $X in 2021. In general, exports enjoyed a prominent expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Australia represented the main exporting country with an export of about X tons, which finished at 52% of total exports. It was distantly followed by Brazil (X tons), creating a 21% share of total exports. South Africa (X tons), Canada (X tons), Ukraine (X tons), India (X tons) and Russia (X tons) took a minor share of total exports.

Australia was also the fastest-growing in terms of the iron ores and concentrates exports, with a CAGR of +5.8% from 2012 to 2021. At the same time, Canada (+5.2%), Ukraine (+3.0%), Russia (+2.9%), India (+2.6%), South Africa (+1.4%) and Brazil (+1.0%) displayed positive paces of growth. Australia (+8.9 p.p.) significantly strengthened its position in terms of the global exports, while Brazil saw its share reduced by -5.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) remains the largest iron ore supplier worldwide, comprising 52% of global exports. The second position in the ranking was held by Brazil ($X), with a 20% share of global exports. It was followed by South Africa, with a 4.6% share.

From 2012 to 2021, the average annual growth rate of value in Australia totaled +8.3%. In the other countries, the average annual rates were as follows: Brazil (+4.1% per year) and South Africa (+3.1% per year).

Export Prices by Country

In 2021, the average iron ore export price amounted to $X per ton, growing by 49% against the previous year. In general, the export price recorded a temperate expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in South Africa ($X per ton) and Ukraine ($X per ton), while Russia ($X per ton) and India ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ukraine (+5.9%), while the other global leaders experienced more modest paces of growth.

Iron Ore Imports

Imports

In 2021, global iron ore imports rose to X tons, growing by 2.1% on 2020. The total import volume increased at an average annual rate of +3.7% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 with an increase of 13% against the previous year. Over the period under review, global imports attained the peak figure in 2021 and are likely to see steady growth in the immediate term.

In value terms, iron ore imports skyrocketed to $X in 2021. In general, imports continue to indicate a strong increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China prevails in imports structure, resulting at X tons, which was approx. 69% of total imports in 2021. It was distantly followed by Japan (X tons) and South Korea (X tons), together constituting a 12% share of total imports. The following importers - Germany (X tons), the Netherlands (X tons) and Taiwan (Chinese) (X tons) - each amounted to a 5.7% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to iron ore imports into China stood at +4.7%. At the same time, the Netherlands (+13.7%), Taiwan (Chinese) (+3.4%) and South Korea (+1.3%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing importer imported in the world, with a CAGR of +13.7% from 2012-2021. Germany experienced a relatively flat trend pattern. By contrast, Japan (-1.6%) illustrated a downward trend over the same period. While the share of China (+5.7 p.p.) increased significantly in terms of the global imports from 2012-2021, the share of Japan (-4.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported iron ores and concentrates worldwide, comprising 71% of global imports. The second position in the ranking was taken by Japan ($X), with a 6.9% share of global imports. It was followed by South Korea, with a 4% share.

In China, iron ore imports increased at an average annual rate of +7.5% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Japan (-0.7% per year) and South Korea (+0.9% per year).

Import Prices by Country

The average iron ore import price stood at $X per ton in 2021, increasing by 53% against the previous year. Over the period under review, the import price saw a notable increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Germany ($X per ton) and the Netherlands ($X per ton), while South Korea ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+3.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

The countries with the highest volumes of iron ore consumption in 2020 were China, Australia and Russia, with a combined 74% share of global consumption.
The country with the largest volume of iron ore production was Australia, comprising approx. 48% of total volume. Moreover, iron ore production in Australia exceeded the figures recorded by the second-largest producer, Brazil, threefold. The third position in this ranking was occupied by Russia, with a 15% share.
In value terms, Australia remains the largest iron ore supplier worldwide, comprising 55% of global exports. The second position in the ranking was occupied by Brazil, with an 18% share of global exports. It was followed by South Africa, with a 4.2% share.
In value terms, China constitutes the largest market for imported iron ores and concentrates worldwide, comprising 74% of global imports. The second position in the ranking was occupied by Japan, with a 6% share of global imports. It was followed by South Korea, with a 4.3% share.
The average iron ore export price stood at $88 per ton in 2020, with an increase of 15% against the previous year.
The average iron ore import price stood at $101 per ton in 2020, increasing by 11% against the previous year.

This report provides an in-depth analysis of the global iron ore market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • Prodcom 07101000 - Iron ores and concentrates (excluding roasted iron pyrites)
  • Prodcom 07101010 -
  • Prodcom 07101020 -

Country coverage:

Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:

+ the largest producing countries

Data coverage:

  • Global market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Global production, split by region and country
  • Global trade (exports and imports)
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Company coverage:

Vale, Rio Tinto, BHP, Fortescue Metals Group, Anglo American, Astra Resources, Eurasian Natural Resources Corporation, Exxaro, Ferrexpo, Ferrous Resources, Glencore, Great Snaefell Mining Company, IRC Limited, Ingulets Iron Ore dressing Works, Kumba Iron Ore, LKAB, Maughold Head Mining Company, Mobarakeh Steel Company, Northland Resources, Severstal, Stoilensky GOK

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. CONSUMPTION BY COUNTRY
    3. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. GLOBAL PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE
    2. PRODUCTION BY COUNTRY

  8. 8. GLOBAL IMPORTS

    The Largest Importers on The Market and How They Succeed

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. GLOBAL EXPORTS

    The Largest Exporters on The Market and How They Succeed

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. 11. COUNTRY PROFILES

    The Largest Markets And Their Profiles

    This Chapter is Available Only for the Professional Edition PRO
    • United States
    • China
    • Japan
    • Germany
    • United Kingdom
    • France
    • Brazil
    • Italy
    • Russian Federation
    • India
    • Canada
    • Australia
    • Republic of Korea
    • Spain
    • Mexico
    • Indonesia
    • Netherlands
    • Turkey
    • Saudi Arabia
    • Switzerland
    • Sweden
    • Nigeria
    • Poland
    • Belgium
    • Argentina
    • Norway
    • Austria
    • Thailand
    • United Arab Emirates
    • Colombia
    • Denmark
    • South Africa
    • Malaysia
    • Israel
    • Singapore
    • Egypt
    • Philippines
    • Finland
    • Chile
    • Ireland
    • Pakistan
    • Greece
    • Portugal
    • Kazakhstan
    • Algeria
    • Czech Republic
    • Qatar
    • Peru
    • Romania
    • Vietnam

  12. LIST OF TABLES

    1. Key Findings In 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption, By Country, 2018–2023
    5. Production, In Physical Terms, By Country, 2012–2023
    6. Imports, In Physical Terms, By Country, 2012–2023
    7. Imports, In Value Terms, By Country, 2012–2023
    8. Import Prices, By Country Of Destination, 2012–2023
    9. Exports, In Physical Terms, By Country, 2012–2023
    10. Exports, In Value Terms, By Country, 2012–2023
    11. Export Prices, By Country Of Origin, 2012–2023

  13. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Consumption, By Country, 2023
    4. Market Volume Forecast to 2030
    5. Market Value Forecast to 2030
    6. Products: Market Size And Growth, By Type
    7. Products: Average Per Capita Consumption, By Type
    8. Products: Exports And Growth, By Type
    9. Products: Export Prices And Growth, By Type
    10. Production Volume And Growth
    11. Exports And Growth
    12. Export Prices And Growth
    13. Market Size And Growth
    14. Per Capita Consumption
    15. Imports And Growth
    16. Import Prices
    17. Production, In Physical Terms, 2012–2023
    18. Production, In Value Terms, 2012–2023
    19. Production, By Country, 2023
    20. Production, In Physical Terms, By Country, 2012–2023
    21. Imports, In Physical Terms, 2012–2023
    22. Imports, In Value Terms, 2012–2023
    23. Imports, In Physical Terms, By Country, 2023
    24. Imports, In Physical Terms, By Country, 2012–2023
    25. Imports, In Value Terms, By Country, 2012–2023
    26. Import Prices, By Country, 2012–2023
    27. Exports, In Physical Terms, 2012–2023
    28. Exports, In Value Terms, 2012–2023
    29. Exports, In Physical Terms, By Country, 2023
    30. Exports, In Physical Terms, By Country, 2012–2023
    31. Exports, In Value Terms, By Country, 2012–2023
    32. Export Prices, 2012–2023

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