Iron Ore rose to 101.81 USD/T on August 29, 2025, up 0.10% from the previous day. Over the past month, Iron Ore's price has risen 2.77%, and is up 3.15% 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 September of 2025.

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 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.

In 2024, iron ore was worth an average of approximately *** U.S. dollars per dry metric ton unit (dmtu), compared to only ** U.S. dollars per dmtu in 2000. The month with the highest average iron ore price in 2021 was June, at over *** U.S. dollars per dmtu. Iron ore: market context and price fluctuation Iron ore is composed of minerals and rocks from which metallic iron can be extracted. Iron ore is an important part of the world economy, as a large proportion of iron ore is used to make steel, which is a widely used material globally. In a given year, the monthly price of iron ore varies noticeably, ranging for example from a high of ****** U.S. dollars per dmtu in June 2021 down to a low of ***** U.S. dollars per dmtu in November 2021. Major iron ore producing nations Australia has the world's largest iron ore reserves, at ** billion metric tons of crude iron ore and is also the world's largest producer of iron ore. Not surprisingly, China, the world's leading steel manufacturer, is also the world's leading importer of iron. In recent years, China's iron imports have increased significantly, from ****** million metric tons in 2004, to over *** billion metric tons in 2018.

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 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

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.

Graph and download economic data for Producer Price Index by Commodity: Metals and Metal Products: Iron Ores (WPU10110555) from Dec 1997 to Jul 2025 about ore, iron, metals, commodities, PPI, inflation, price index, indexes, price, and USA.

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

Imports of Iron Ores & Concentrate in China increased to 27448964 USD Thousand in February from 12431921 USD Thousand in December of 2023. This dataset includes a chart with historical data for China Imports of Iron Ores & Concentrate.

Explore the fluctuating dynamics of iron ore spot prices and their impact on the steel manufacturing and mining sectors. Learn how global supply-demand, economic trends, and policy changes influence these prices over time, with significant contributions from China's demand and other global factors.

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.

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: Primary Products was 205.04700 Index Dec 1984=100 in June of 2025, according to the United States Federal Reserve. Historically, United States - Producer Price Index by Industry: Iron Ore Mining: Primary Products reached a record high of 223.06200 in April of 2023 and a record low of 81.40000 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: Primary Products - last updated from the United States Federal Reserve on August of 2025.

Imports of Iron Ore in South Korea decreased to 5236122 TONNE in February from 6224293 TONNE in January of 2024. This dataset includes a chart with historical data for South Korea Imports of Iron Ore.

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.

Snapshot img

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.
Request Free Sample

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

In 2024, the total volume of usable iron ore produced worldwide amounted to an estimated 2.5 billion metric tons. The leading iron ore producing country that year was Australia, which produced 930 million metric tons of usable iron ore in 2024.

In 2024, the Pakistani iron ore market decreased by -16.6% to $33M, falling for the second consecutive year after three years of growth. Overall, consumption continues to indicate a abrupt slump. Iron ore consumption peaked at $92M in 2013; however, from 2014 to 2024, consumption stood at a somewhat lower figure.

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).