Iron Ore decreased 1.36 USD/MT or 1.31% since the beginning of 2025, 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 March of 2025.

Forecast: Iron Ore Exports in the US 2024 - 2028 Discover more data with ReportLinker!

In 2019, the global iron ore market increased by X% to $X, rising for the third consecutive year after three years of decline. In general, the total consumption indicated a pronounced increase from 2007 to 2019: its value increased at an average annual rate of +X% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, consumption increased by +X% against 2016 indices. The pace of growth was the most pronounced in 2011 with an increase of X% year-to-year. Global consumption peaked at $X in 2013; however, from 2014 to 2019, consumption remained at a lower figure.

After two years of growth, the Canadian iron ore market decreased by -11.1% to $1.3B in 2024. Overall, consumption, however, saw a relatively flat trend pattern. Iron ore consumption peaked at $1.5B in 2015; however, from 2016 to 2024, consumption stood at a somewhat lower figure.

The ASEAN iron ore market totaled $6.6B in 2024, remaining relatively unchanged against the previous year. Overall, consumption posted strong growth. The level of consumption peaked at $7.7B in 2022; however, from 2023 to 2024, consumption remained at a lower figure.

In 2024, the Indian iron ore market decreased by -8.1% to $5.3B, falling for the second consecutive year after two years of growth. Over the period under review, consumption recorded a abrupt setback. Over the period under review, the market hit record highs at $11.3B in 2014; however, from 2015 to 2024, consumption stood at a somewhat lower figure.

After two years of decline, the UK iron ore market increased by 40% to $410M in 2024. In general, consumption, however, showed a deep setback. Over the period under review, the market reached the maximum level at $1.8B in 2013; however, from 2014 to 2024, consumption stood at a somewhat lower figure.

The Philippine iron ore market skyrocketed to $404M in 2024, jumping by 64% against the previous year. Over the period under review, consumption recorded a buoyant expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Iron Ore CNY increased 3.50 CNY/T or 0.45% since the beginning of 2025, 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.

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.

The market size of the Iron Ore Mining Consumption Market is categorized based on Application (Private, Joint Venture) and Product (Working Mine, Mining Plan, Development Plan) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

This report provides insights into the market size and forecasts the value of the market, expressed in USD million, across these defined segments.

Forecast: Iron Ore Stocks in the US 2024 - 2028 Discover more data with ReportLinker!

Iron Ore Mining Market size will be USD 76619.30 million in 2024 and will expand at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.

Explore the complexities and future projections of the iron ore market, focusing on global demand, supply-side challenges, and technological advancements influencing prices and trends as of 2023. Understand the impact of China's economic activity, environmental regulations, and geopolitical factors on iron ore dynamics.

The market size of the Iron Ore Mining Market is categorized based on Application (Construction Industry, Transportation) and Product (Iron Ore Mining Fines, Iron Ore Mining Pellets) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

This report provides insights into the market size and forecasts the value of the market, expressed in USD million, across these defined segments.

In 2024, the global iron ore market was finally on the rise to reach $378.9B after two years of decline. Over the period under review, the total consumption indicated a temperate increase from 2012 to 2024: its value increased at an average annual rate of +2.6% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -12.8% against 2021 indices.

The U.S. iron ore market amounted to $4.7B in 2024, surging by 4.2% against the previous year. Overall, consumption, however, showed a mild setback. Iron ore consumption peaked at $5.5B in 2012; however, from 2013 to 2024, consumption failed to regain momentum.

Forecast: Iron Ore Average Value in the US 2024 - 2028 Discover more data with ReportLinker!

Explore the Iron Ore Market trends! Covers key players, growth rate 7.4% CAGR, market size $643.88 Billion, and forecasts to 2034. Get insights now!

Europe Iron Ore Mining Market size will be USD 57464.48 million in 2024 and will expand at a compound annual growth rate (CAGR) of 9.0% from 2024 to 2031.