Iron Ore fell to 101.42 USD/T on August 22, 2025, down 0.15% from the previous day. Over the past month, Iron Ore's price has risen 3.21%, and is up 3.44% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Iron Ore - values, historical data, forecasts and news - updated on August of 2025.

In May 2024, iron ore was valued at approximately *** U.S. dollars per dry metric ton unit (dmtu), as compared to *** U.S. dollars per dmtu in the same month of the previous year. Iron ore prices and production Iron ore refers to the minerals and rocks from which metallic iron is economically viable to extract. Pig iron, which is one of the raw materials used in steel production, is derived from iron ore. The price of iron ore has fluctuated a great deal over the last twenty years. In 2003, one dmtu of iron ore cost ** U.S. dollars, and increased to a high of *** U.S. dollars per dmtu in 2011. The price saw dramatic drops in the past decade, from ****** U.S. dollars per dry metric ton unit in March 2013 to ***** U.S. dollars per dmtu in December 2015. Since then, the price has increased gradually to ****** U.S. dollars per dmtu as of July 2021, before dropping sharply in August 2021. Iron ore producers Overall, the global production of iron ore did not decrease when the prices dropped. In fact, an increase in production among several of the world's largest iron ore producing countries was observed in the past five years. Australia produced *** million metric tons of iron ore in 2023. China is also among the world's largest iron ore producers, though its production is calculated differently than in other countries. Based primarily on the production of raw ore rather than usable ore, China produced an estimated *** million metric tons in 2023.

Iron Ore CNY fell to 770 CNY/T on August 22, 2025, down 0.39% from the previous day. Over the past month, Iron Ore CNY's price has fallen 4.64%, but it is still 7.02% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for Iron Ore CNY.

The mine production of usable iron ore in Australia reached approximately *** million metric tons in 2024. Australia is by far the world's largest iron ore mining country. Iron ore mine production Iron ore are rocks and minerals that can be heated in the presence of a reductant to extract metallic iron. Iron and steel industries worldwide are reliant on these sources for primary iron material. A large majority of mined iron ore is then used in steelmaking. Iron ore minerals are mostly found as hematite and magnetite. The world's leading iron ore miners Australia and Brazil are among the world’s largest iron ore mine producers, producing *** million metric tons and *** million metric tons, respectively, in 2024. Accordingly, iron ore reserves are the highest in Australia, with ** billion metric tons of crude ore in 2024. Over ** percent of Australia’s identified resources are situated in Western Australia. Hamersley Province contains a large portion of these resources and is considered one of the world’s largest iron ore reserves. The Pilbara region in Western Australia has two major producers, including BHP and Rio Tinto Ltd. Pilbara Iron is a subsidiary of the Rio Tinto group and has about 15 sites in the region.

Graph and download economic data for Global price of Iron Ore (PIORECRUSDM) from Jan 1990 to Jun 2025 about ore, iron, World, and price.

Iron ore prices in , July, 2025 For that commodity indicator, we provide data from January 1960 to July 2025. The average value during that period was 48.74 dry metric ton unit with a minimum of 8.77 dry metric ton unit in January 1968 and a maximum of 214.43 dry metric ton unit in June 2021. | TheGlobalEconomy.com

The global iron ore market size was valued at $279.35 billion in 2023 & is projected to grow from $290.25 billion in 2024 to $397.98 billion by 2032

This data release contains the U.S. salient statistics and world production data extracted from the IRON ORE data sheet of the USGS Mineral Commodity Summaries 2023.

This dataset from the British Geological Survey (BGS) provides annual data on global iron ore production from 1970 to 2022, including production figures in metric tonnes.

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Iron Ore Market Size 2025-2029

The iron ore market size is forecast to increase by USD 60.9 billion, at a CAGR of 3.3% between 2024 and 2029. The market is experiencing significant growth, driven primarily by the increasing consumption of high-strength iron ore in the production of stainless steel.

Major Market Trends & Insights

APAC dominated the market and contributed 89% to the growth during the forecast period.
The market is expected to grow significantly in Europe region as well over the forecast period.
Based on the Product, the Fines segment led the market and was valued at USD 174.90 billion of the global revenue in 2023.
Based on the Source, the Surface mining segment accounted for the largest market revenue share in 2023.

Market Size & Forecast

Market Opportunities: USD 29.20 Billion
Future Opportunities: USD 60.9 Billion
CAGR (2024-2029): 3.3%
APAC: Largest market in 2023

The economic expansion in major consumers China and India is fueling this demand, as both countries continue to invest heavily in infrastructure projects and industrial development. However, this market is characterized by high capital requirements, making it a challenging landscape for new entrants. The need for substantial investment in mining and processing facilities, as well as the rising costs of exploration and extraction, pose significant obstacles for companies seeking to capitalize on market opportunities. Despite these challenges, the potential rewards are substantial, with the ongoing demand for steel and iron ore showing no signs of abating. To navigate these challenges effectively, market participants must stay abreast of the latest trends and developments, including advancements in mining technology and the adoption of sustainable mining practices. Companies that can navigate these challenges effectively, through strategic partnerships, technological innovation, and operational efficiency, are well-positioned to thrive in this dynamic market.

What will be the Size of the Iron Ore Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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The market continues to exhibit dynamic and evolving characteristics, with various sectors and processes interconnected in intricate ways. Stainless steel, a high-performance alloy, relies on resource estimation and the availability of low-grade iron ore for its production. Waste management plays a crucial role in the mining process, with iron ore mining and mine planning requiring effective strategies to minimize environmental impact. Metallurgical coke, a vital ingredient in steelmaking, is produced through mineral processing and supplied through the complexities of supply chain management. Plate steel, a major application of iron ore, is manufactured using continuous casting and hot rolling, while electric arc furnaces and blast furnaces transform iron ore pellets and pig iron into various steel grades.

Sponge iron, an alternative to traditional ironmaking, is produced through direct reduction, offering potential for reduced carbon footprint. Mine safety, mine closure, and geological surveys are essential aspects of the industry, ensuring efficient and sustainable operations. The market is influenced by commodity markets, geopolitical factors, and environmental regulations. Port handling, rail transport, and sea transport are integral to the logistics of moving raw materials and finished products. Steel production, from open-pit mining to underground mining and from pellet production to pipe steel manufacturing, is a continuous process that adapts to changing market conditions. Futures contracts and quality control are essential tools for managing risk and ensuring consistency in the supply chain.

The ongoing evolution of the market is shaped by the interplay of these various sectors and processes, with each influencing the other in a complex web of interdependencies.

How is this Iron Ore Industry segmented?

The iron ore industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Product

  Fines
  Pellets
  Lump
  HBI/DRI


Source

  Surface mining
  Underground mining


End-use

  Steel Manufacturers
  Construction Industry
  Automotive Industry


Application

  Steelmaking
  Construction
  Automotive
  Others
  Non-Steel Applications


Production Process

  Blast Furnace (BF)
  Direct Reduced Iron (DRI)


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  Middle East and Africa

    Egypt
    KSA
    Oman
    UAE


  APAC

    China
    India
    Japan


  South America

    Argentina
    Brazil


  Rest

Explore the factors influencing iron ore prices, a vital component in global steel production, including demand in China, supply disruptions, and geopolitical tensions. Stay updated on current market trends, supply chain shifts, regulatory changes, and more for informed investment and manufacturing decisions.

In 2024, the United States produced an estimated 48 million metric tons of iron ore. Iron ore production in the United States has undergone a some fluctuation over the past decade, with the highest production volume of 56.1 million metric tons produced in 2014, and the lowest production volume of 38.1 million metric tons occurring in 2020. Iron Ore in the U.S. Iron ore consumption in the U.S. has also fluctuated over the past decade. However, U.S. iron ore trade remains relatively stable. With some decline in recent years, the United States' shipments of iron ore have recently begun to increase. The United States is still importing ore despite declining consumption in recent years. As of 2022, more than half of the iron ore import volume to the U.S. came from Brazil. Iron ore: the global picture As of 2019, the region with the largest production of iron ore was Oceania, followed by Asia. Accordingly, Australia is the world's largest producer of iron ore by far, having produced an estimated 560 million metric tons in 2021. The global gross weight of iron ore production has been relatively stable in recent years, and amounted to an estimated 2.5 billion metric tons in 2024.

This statistic depicts the average annual prices for iron ore from 2014 through 2024, with forecasted figures for 2024 to 2026. In 2024, the average price for iron ore stood at 109.4 nominal U.S. dollars per dry metric ton.

Get the latest insights on price movement and trend analysis of Iron Ore in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

Graph and download economic data for Global price of Iron Ore (PIORECRUSDQ) from Q1 1990 to Q2 2025 about ore, iron, World, and price.

Iron Ore Mining Market Outlook

The global iron ore mining market size was valued at approximately USD 370 billion in 2023 and is projected to reach USD 540 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.5% during the forecast period. The robust growth of this market can be attributed to the ever-increasing demand for steel across various industries, combined with the continuous developments in mining technologies that enhance operational efficiencies. The steel production industry is the primary driver of demand, as iron ore is a critical raw material in steel manufacturing. The global economic expansion and infrastructure development, particularly in emerging economies, further bolster this market's growth trajectory as they require significant quantities of steel.

The growth of the iron ore mining market is significantly fostered by the rising urbanization and industrialization across the globe. Developing countries, especially in the Asia Pacific region, are witnessing rapid urbanization leading to increased demand for housing, infrastructure, and automobiles, all of which require substantial amounts of steel. As populations in these regions grow and income levels rise, the need for modern infrastructure and vehicles surges, driving the demand for iron ore. Additionally, technological advancements in mining processes have made it more feasible to extract iron ore from previously inaccessible or uneconomical reserves, thus increasing the supply capabilities of mining companies and supporting the market's expansion.

Another significant growth factor is the increasing focus on sustainable mining practices. With global attention on reducing carbon footprints and environmental impact, the iron ore mining industry is investing in greener technologies and processes. These include energy-efficient mining equipment, waste reduction techniques, and the restoration of mined sites. The adoption of such practices not only improves the environmental profile of the mining operations but also enhances the sector's long-term viability by aligning with global sustainability targets. This shift towards sustainable mining is particularly noticeable in regions with strict environmental regulations, thus influencing market growth positively.

Furthermore, the iron ore mining market benefits from the ongoing geopolitical developments that affect global trade dynamics. As countries strive to secure their supply chains and reduce dependency on foreign sources, there's an increased investment in domestic mining projects. This trend is particularly prominent in regions such as North America and Europe, which are focusing on bolstering their mining capabilities to ensure steady iron ore supply for domestic steel industries. These investments not only enhance market growth but also create competitive opportunities for local players to expand their operations and market presence.

Product Type Analysis

Iron ore is primarily classified into two types based on its chemical composition and physical properties: hematite and magnetite. Hematite is the more prevalent form of iron ore, recognized for its high iron content and abundance. Its rich iron content makes it highly favored in the steel manufacturing industry, which contributes significantly to its demand. The beneficiation process of hematite is relatively straightforward, allowing for cost-effective extraction and processing, thereby making it a popular choice for mining companies. The demand for hematite is further amplified by its utilization in producing high-grade steel, which is essential for construction, automotive, and machinery industries.

Magnetite, on the other hand, is noted for its magnetic properties and lower iron content compared to hematite. Despite its lower initial iron content, magnetite requires processing into pellets to be used efficiently in steel production. This ore type is gaining traction due to the increasing adoption of pelletizing processes, which enhance the iron content and reduce impurities, making it suitable for modern steel production needs. The market for magnetite is experiencing growth due to technological improvements in beneficiation processes that make its mining more economically viable.

Aside from hematite and magnetite, the iron ore mining market also includes other variations such as siderite and goethite, albeit to a lesser extent. These types are generally lower in iron content and are not as widely used in steel production. However, they are of interest for specific industrial applications and regions where high-quality hematite or magnetite reserv

Graph and download economic data for Producer Price Index by Industry: Iron Ore Mining (PCU2122121221) from Dec 1984 to Jul 2025 about ore, iron, mining, PPI, industry, inflation, price index, indexes, price, and USA.

Magnetite Iron Ore Market Outlook 2032

The global magnetite iron ore market size was USD 88.66 Billion in 2023 and is projected to reach USD 139.69 Billion by 2032, expanding at a CAGR of 5.8 % during 2024–2032. The market growth is attributed to the increasing demand for steel across the globe.



Growing demand for steel is expected to boost the market in the coming years. Magnetite iron ore is a key raw material in steel production. Industries worldwide are recovering from the pandemic, and sectors such as construction, automotive, and steel-reliant industries are witnessing a revival, thus driving the market.

Impact of Artificial Intelligence (AI) in Magnetite Iron Ore Market

The advent of artificial intelligence (AI) has brought about a significant transformation in the magnetite iron ore market. AI, with its predictive analytics and machine learning capabilities, has enhanced the efficiency of mining operations, thereby influencing the market dynamics. It has enabled companies to optimize their extraction processes, reduce operational costs, and improve safety measures.



AI analyzes vast amounts of data and helps in identifying potential ore deposits, thus reducing the time and resources spent on exploration. Furthermore, AI-powered automation in the processing of magnetite iron ore has led to increased production rates and improved quality control. The integration of AI in supply chain management has resulted in better demand forecasting and inventory management. Therefore, the impact of AI on the market is profound, leading to increased productivity, cost-effectiveness, and overall market growth.

Magnetite Iron Ore Market Dynamics

Major Drivers</sp

India Iron Ore: Average Sale Price: Fines: 58 - 60% Fe data was reported at 3,714.000 INR/Ton in Feb 2025. This records a decrease from the previous number of 3,786.000 INR/Ton for Jan 2025. India Iron Ore: Average Sale Price: Fines: 58 - 60% Fe data is updated monthly, averaging 1,988.000 INR/Ton from Feb 2011 (Median) to Feb 2025, with 169 observations. The data reached an all-time high of 4,775.000 INR/Ton in Aug 2021 and a record low of 819.000 INR/Ton in Dec 2015. India Iron Ore: Average Sale Price: Fines: 58 - 60% Fe data remains active status in CEIC and is reported by Indian Bureau of Mines. The data is categorized under India Premium Database’s Metal and Steel Sector – Table IN.WAC009: Iron Ore Average Sale Price.

Explore the intricacies of the iron ore price index and how it reflects market trends, supply-demand dynamics, geopolitical influences, and economic policies in the steel industry. Understand the impact of major consumers like China and India, as well as environmental policies shaping demand for higher-quality ores. Stay informed on the factors influencing price volatility to make well-informed business and investment decisions.