Iron Ore fell to 96.71 USD/T on July 11, 2025, down 0.05% from the previous day. Over the past month, Iron Ore's price has risen 1.31%, but it is still 11.74% lower than a year ago, 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 July of 2025.

Iron Ore Market size was valued at USD 339.79 Billion in 2023 and is projected to reach USD 420.59 Billion by 2030, growing at a CAGR of 2.59 % during the forecasted period 2024 to 2030.

Global Iron Ore Market Drivers

The market drivers for the Iron Ore Market can be influenced by various factors. These may include:

Industrial Production and Infrastructure Development: Steel, a vital component of many sectors like construction, automotive, machinery, and infrastructure, is made from iron ore, a crucial raw material. Thus, the degree of infrastructural development and industrial activity has a big impact on the demand for iron ore, especially in growing economies like China and India.

Steel Production and Consumption: Global trends in steel production and consumption are intimately related to the demand for iron ore. The demand for steel is mostly driven by urbanisation, economic expansion, and construction activity. This, in turn, affects the demand for iron ore.

Global Economic Conditions: The demand for steel and, by extension, iron ore, is directly impacted by economic factors such as GDP growth rates, industrial output, and consumer expenditure. Economic downturns may cause a decline in the demand for steel and iron ore as well as a reduction in industrial activity.

Chinese Steel Industry Dynamics: China makes up a sizable amount of the world's demand for iron ore, making it the country that consumes the most of the resource worldwide. As a result, the iron ore market is greatly impacted by the laws, rules, and economic developments in China's steel sector as well as by the government's intentions for infrastructure spending.

Supply-Side Factors: Production disruptions (like mine closures, labour strikes, or unfavourable weather), adjustments to production capacity, technological advancements in mining methods, and exploration efforts that uncover new ore deposits are some of the factors that impact the supply of iron ore.

China Steel: Production: Iron Ore data was reported at 78,612.000 Ton th in Dec 2022. This records a decrease from the previous number of 79,536.000 Ton th for Nov 2022. China Steel: Production: Iron Ore data is updated monthly, averaging 73,893.300 Ton th from Jan 2001 (Median) to Dec 2022, with 242 observations. The data reached an all-time high of 139,323.800 Ton th in Jun 2014 and a record low of 13,278.200 Ton th in Feb 2002. China Steel: Production: Iron Ore data remains active status in CEIC and is reported by China Iron and Steel Association. The data is categorized under Global Database’s China – Table CN.WAD: Steel Production. contact us

Graph and download economic data for Iron Ore Production, Total for United States (A0193BUSA419NNBR) from 1911 to 1939 about ore, iron, metals, production, and USA.

Steel: Production: Iron Ore: Year to Date: Hunan data was reported at 104.600 Ton th in Mar 2025. This records an increase from the previous number of 71.500 Ton th for Feb 2025. Steel: Production: Iron Ore: Year to Date: Hunan data is updated monthly, averaging 1,470.250 Ton th from Jan 2010 (Median) to Mar 2025, with 168 observations. The data reached an all-time high of 12,277.000 Ton th in Dec 2014 and a record low of 51.700 Ton th in Feb 2023. Steel: Production: Iron Ore: Year to Date: Hunan data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Metal and Steel Sector – Table CN.WAD: Iron Ore Production: By Region.

Imports of Iron Ore & Concentrates in China decreased to 12937967 USD Thousand in February from 14510997 USD Thousand in January of 2024. This dataset includes a chart with historical data for China Imports of Iron Ore & Concentrates.

United States - Producer Price Index by Industry: Iron Ore Mining was 200.24200 Index Dec 1984=100 in April of 2025, according to the United States Federal Reserve. Historically, United States - Producer Price Index by Industry: Iron Ore Mining reached a record high of 217.83400 in April of 2023 and a record low of 79.40000 in February of 1988. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Producer Price Index by Industry: Iron Ore Mining - last updated from the United States Federal Reserve on June of 2025.

Graph and download economic data for Producer Price Index by Industry: Iron Ore Mining (PCU212210212210) from Dec 1984 to May 2025 about ore, iron, mining, PPI, industry, inflation, price index, indexes, price, and USA.

Explore the impact of China's underwhelming economic stimulus on iron ore prices, as they slip below $100, affecting global mining and trading operations.

Labrador Iron Ore - 当前值，历史数据，预测，统计，图表和经济日历 - Jul 2025.Data for Labrador Iron Ore including historical, tables and charts were last updated by Trading Economics this last July in 2025.

Kumba Iron Ore - 当前值，历史数据，预测，统计，图表和经济日历 - Jun 2025.Data for Kumba Iron Ore including historical, tables and charts were last updated by Trading Economics this last June in 2025.

Labrador Iron Ore - 現在の値は、過去のデータ、予測、統計、チャートや経済カレンダー - Jun 2025.Data for Labrador Iron Ore including historical, tables and charts were last updated by Trading Economics this last June in 2025.

China Import Price: Iron Ore & Concentrate: Africa: Mauritania data was reported at 105.120 USD/Ton in Mar 2025. This records an increase from the previous number of 90.108 USD/Ton for Feb 2025. China Import Price: Iron Ore & Concentrate: Africa: Mauritania data is updated monthly, averaging 103.268 USD/Ton from Jan 2008 (Median) to Mar 2025, with 204 observations. The data reached an all-time high of 207.346 USD/Ton in Aug 2021 and a record low of 36.169 USD/Ton in Jan 2016. China Import Price: Iron Ore & Concentrate: Africa: Mauritania data remains active status in CEIC and is reported by CEIC Data. The data is categorized under China Premium Database’s Price – Table CN.PG: Iron Ore and Concentrate Import and Export Price.

Iron ore prices dip below $100 amidst China's property market woes pointing to a 33% annual drop, with implications for global trade.

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

The size of the Iron Ore Market was valued at USD 278.44 billion in 2023 and is projected to reach USD 306.90 billion by 2032, with an expected CAGR of 1.4 % during the forecast period. Iron ore market has been a significant component of the world mining industry, as iron ore has been constantly in demand as a raw material used in steel production. Iron ore remains essential in the production of high-quality steel, which is used to make everything from buildings and bridges to automobiles and machinery, and hence it remains the backbone of the global construction, automotive, infrastructure, and manufacturing sectors. The market is influenced by trends in steel production, and some of the largest consumers of iron ore are China, India, and Japan, whose massive steel industries drive up the demand for these commodities. The global iron ore market is highly subject to demand fluctuations, which are often linked to the global economic conditions. For instance, during the expansionary phases of the economy, especially in emerging economies, steel demand increases, thereby driving up iron ore prices. Conversely, during the slowdown phases of the economy, demand for steel—and consequently iron ore—may decline. Production and supply chain dynamics also influence the market. Preeminent producers in the global marketplace, Australia, Brazil, and India are also leaders in supply. Recent developments include: In April 2024, Australia-based Strike Resources Limited, an iron ore company, completed its negotiations to sell its Pilbara Paulsens East Iron Ore Project to Australia-based Miracle Iron Holdings for ~USD 13.4 million (A$ 20.5 million). .

Learn about the key indicators of global economic activity, the major consumers of iron ore, and the impact of the COVID-19 pandemic on iron ore consumption. Explore how the transition to a low-carbon economy could change the dynamics of the iron ore market.

Graph and download economic data for Iron Ore Shipments, Total for United States (A0194BUSA418NNBR) from 1911 to 1937 about ore, shipments, iron, metals, and USA.

According to Cognitive Market Research, the global Iron Ore Mining Market size is USD 191548.25 million in 2024 and will expand at a compound annual growth rate (CAGR) of 7.20% from 2024 to 2031.

North America held the major market, accounting for more than 40% of global revenue. With a market size of USD 1086.08 million in 2024, it will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 814.56 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 624.50 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.2% from 2024 to 2031.
The Latin America market will account for more than 5% of global revenue and will be USD 135.76 million in 2024, growing at a compound annual growth rate (CAGR) of 6.6% from 2024 to 2031.
The Middle East and Africa held the major markets, accounting for around 2% of the global revenue. The market was USD 54.30 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
The Construction held the highest Iron Ore Mining Market revenue share in 2024.

Market Dynamics of Iron Ore Mining Market

Key Drivers of Iron Ore Mining Market

Increasing Economic Growth and Industrialization

Economic growth, particularly in emerging economies like China and India, drives the demand for steel, which in turn fuels the demand for iron ore. Rapid urbanization and industrialization increase infrastructure and construction activities, boosting the need for steel products and thus stimulating iron ore mining. The steel industry is a primary consumer of iron ore. Any changes in steel production, influenced by factors such as construction projects, automotive manufacturing, and machinery production, directly impact the demand for iron ore.

Technological Advancements Opportunities To Propel Market Growth

Innovations in mining technologies enhance efficiency, reduce costs, and improve safety in iron ore extraction. Automation, remote monitoring, and data analytics play significant roles in optimizing operations, driving productivity, and increasing competitiveness in the market. Investments in infrastructure projects, including transportation networks, energy systems, and urban development, create demand for steel and, consequently, iron ore. Government initiatives aimed at infrastructure development can spur iron ore mining activities. Trade policies, tariffs, and geopolitical tensions influence the international flow of iron ore. Changes in trade agreements and tariffs imposed on steel and iron ore imports and exports can disrupt market dynamics, affecting prices and trade volumes.

Restraint Factors Of Iron Ore Mining Market

Community Opposition and Social License to Operate To Limit The Sales

Local communities often oppose mining projects due to concerns about environmental impacts, land rights, and social disruption. Conflict between mining companies and indigenous or rural communities can delay or halt operations, resulting in financial losses and reputational damage. Maintaining a social license to operate requires companies to engage with stakeholders, address grievances, and implement sustainable development initiatives, adding complexity and uncertainty to project planning and execution.

Impact of COVID-19 on the Iron Ore Mining Market

Lockdowns and restrictions imposed to contain the spread of the virus disrupted global supply chains, including those related to iron ore mining. Mining operations faced challenges such as labor shortages, logistical bottlenecks, and reduced access to essential inputs like equipment and spare parts. These disruptions led to delays in production and shipment, affecting the overall supply of iron ore to the market. The uncertainty surrounding the pandemic and its economic consequences contributed to heightened volatility in iron ore prices. Initially, demand uncertainty and concerns about steel production led to price declines. However, as economic activity resumed and stimulus measures were implemented, demand for steel rebounded, driving iron ore prices to record highs. Fluctuations in prices created challenges for both producers and consumers in managing their operations and financial planning. Introduction of the Iron Ore Mining Market

Iron ore mining is the process of extracting ...

United States Production: Iron Ore data was reported at 3,810.000 Metric Ton th in Apr 2018. This records a decrease from the previous number of 4,070.000 Metric Ton th for Mar 2018. United States Production: Iron Ore data is updated monthly, averaging 4,200.000 Metric Ton th from Mar 2006 (Median) to Apr 2018, with 146 observations. The data reached an all-time high of 5,054.000 Metric Ton th in Oct 2014 and a record low of 811.000 Metric Ton th in Jun 2009. United States Production: Iron Ore data remains active status in CEIC and is reported by United States Geological Survey. The data is categorized under Global Database’s USA – Table US.WA001: Production.