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Iron Ore rose to 96.76 USD/T on July 14, 2025, up 0.05% from the previous day. Over the past month, Iron Ore's price has risen 1.61%, but it is still 11.77% 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.
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.
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Iron Ore CNY rose to 766 CNY/T on July 11, 2025, up 0.20% from the previous day. Over the past month, Iron Ore CNY's price has risen 9.04%, but it is still 7.38% lower 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.
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. 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 of World (ROW)
By Product Insights
The fines segment is estimated to witness significant growth during the forecast period.
Iron ore fines, the crushed form of high-grade iron ore, play a crucial role in the steel production process. Due to their small particle size, they cannot be directly used in blast furnaces as they obstruct the airflow. Instead, they undergo a process called sintering. In this process, fines are mixed with other materials such as pig iron, metallurgical coke, and limestone to form sinter. The use of iron ore fines in sintering allows for better control of the iron ore and
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Graph and download economic data for Global price of Iron Ore (PIORECRUSDM) from Jan 1990 to May 2025 about ore, iron, World, and price.
In 2023, an estimated 280 million metric tons of iron ore was extracted in China. China is the third-largest producer of iron ore in the world.
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Iron ore prices in , June, 2025 For that commodity indicator, we provide data from January 1960 to June 2025. The average value during that period was 48.68 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
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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).
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.
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This dataset includes real-time and historical Iron Ore prices, global market insights, trading data, and demand forecasts provided by Bigmint.
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Iron ore miners are facing a turbulent period marked by significant shifts in global steel production dynamics. The Chinese government's mandate in 2021 to reduce steel production growth and a sluggish property sector have led to challenges for iron ore miners. Despite some increased steel output from countries like India, which is boosting its steel production through major infrastructure projects, global miners are still grappling with inconsistent demand and fluctuating prices. Early 2025 brought additional hurdles as prominent producers like Vale, Rio Tinto and BHP struggled with adverse weather conditions, leading to production declines. Industry revenue has been decreasing at a CAGR of 4.0% over the past five years to total an estimated $260.0 billion in 2025, including an estimated drop of 7.1% in 2025. Over the past five years, iron ore miners experienced both highs and lows. Surging prices in 2020 and 2021 led to record profit, driven by China's robust demand and supply chain disruptions. However, that surge was short-lived. Prices began to stabilize and decline, putting pressure on miners' revenue streams and profit. Innovations and investments in technology, such as autonomous machinery and renewable energy, have helped mitigate some of these pressures by improving efficiency and reducing costs, keeping profit elevated. Yet, these advancements couldn't fully offset challenges like labor shortages, as highlighted by prominent miners like BHP and Rio Tinto in 2023.
Iron ore miners will likely continue to endure revenue declines. Prices are expected to drop at a CAGR of 4.8% through 2030. With China's domestic steel demand expected to fall further and trade restrictions placed on the country's steel products, miners may look to emerging markets like India to sustain growth. Shifts toward high-grade iron ore and pelletized products, spurred by greener steel production methods, present new opportunities. Investments in technology and infrastructure will be vital for maintaining profitability. By reducing reliance on human labor and optimizing operations, miners can mitigate profit weakening related to falling prices. Industry revenue is forecast to decrease at a CAGR of 1.3% to total an estimated $243.5 billion through the end of 2030.
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Discover the latest trends in the iron ores and concentrates market and projections for the next decade. Anticipated growth in market volume to 4,371M tons and market value to $492.3B by 2035.
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Iron Ore: Average Sale Price: Fines: 58 - 60% Fe: Orissa data was reported at 3,673.000 INR/Ton in Dec 2024. This records a decrease from the previous number of 3,701.000 INR/Ton for Nov 2024. Iron Ore: Average Sale Price: Fines: 58 - 60% Fe: Orissa data is updated monthly, averaging 1,327.000 INR/Ton from Mar 2011 (Median) to Dec 2024, with 165 observations. The data reached an all-time high of 4,891.000 INR/Ton in Aug 2021 and a record low of 595.000 INR/Ton in Apr 2016. Iron Ore: Average Sale Price: Fines: 58 - 60% Fe: Orissa 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.
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The global iron ore fines market size was valued at approximately USD 125 billion in 2023 and is projected to reach USD 190 billion by 2032, growing at a steady compound annual growth rate (CAGR) of 4.8% over the forecast period. This growth can be attributed to the increasing demand for steel across various industries, which is the primary driver of the iron ore market. The robust urbanization and industrialization in emerging economies, particularly in the Asia Pacific region, are propelling the demand for iron ore fines as they are a critical raw material for steel production. Additionally, advancements in mining and processing technologies are enhancing the efficiency and sustainability of iron ore extraction, contributing to the market expansion.
The growth of the iron ore fines market is significantly influenced by the surging demand for steel in various sectors, including construction, automotive, and infrastructure development. Steel's versatility and durability make it a preferred material for building skyscrapers, bridges, and transportation systems. The rapid pace of urbanization, particularly in developing countries, is driving an unprecedented need for new infrastructure projects, which, in turn, is boosting the demand for steel. Consequently, this increased demand for steel is directly impacting the iron ore fines market, as these fines are a crucial component in steelmaking. Moreover, the automotive industry is witnessing a shift towards lightweight and high-strength materials, further driving the need for quality steel and iron ore fines.
Another major growth factor for the iron ore fines market is the growing emphasis on sustainable and efficient mining practices. With the global push towards reducing carbon emissions and minimizing environmental impacts, the mining industry is adopting advanced technologies to improve the extraction and processing of iron ore. Innovations such as automation, AI-driven analytics, and environmentally friendly mining techniques are enhancing the productivity of mining operations while reducing waste and emissions. These advancements are not only increasing the supply and quality of iron ore fines but also aligning the market with global sustainability goals, thereby attracting more investments and fostering market growth.
The regional outlook for the iron ore fines market reveals significant growth potential in the Asia Pacific region. This region is expected to dominate the market owing to the presence of major economies like China and India, which are witnessing rapid industrialization and urbanization. China's extensive steel production capacity and infrastructure development projects are major contributors to the demand for iron ore fines. In addition, India’s ambitious infrastructure initiatives and growing automotive sector are further propelling market growth in the region. North America and Europe are also expected to see moderate growth due to the increasing focus on modernizing infrastructure and the automotive industry's shift towards electric vehicles. Meanwhile, Latin America and the Middle East & Africa are exploring new mining opportunities, with several countries investing in enhancing their mining capabilities.
The iron ore fines market is segmented into high-grade, medium-grade, and low-grade iron ore fines, each catering to different industry requirements. High-grade iron ore fines, which contain a higher percentage of iron content, are in high demand due to their efficiency in steel production. These fines reduce the cost of processing and increase the quality of the steel produced, making them highly sought after by steel manufacturers. The demand for high-grade iron ore fines is particularly strong in regions with stringent quality standards for steel production, such as North America and Europe, where industrial applications require top-grade materials to ensure durability and performance.
Medium-grade iron ore fines represent a significant portion of the market and are often utilized by industries that balance cost and performance. These fines are a preferred choice for many emerging economies where steel production is rapidly expanding but cost constraints necessitate the use of more affordable raw materials. In the Asia Pacific region, medium-grade fines are extensively used in construction and infrastructure projects, providing a cost-effective solution while maintaining acceptable quality standards. The flexibility of medium-grade iron ore fines in various applications makes them a crucial component in meeting the diverse needs of global steel production.
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Hematite: Purest form of iron ore with highest iron content, primarily used in steel production.Magnetite: Contains a high percentage of iron oxide, often used in the production of high-quality steel.Limonite: Hydrated form of iron oxide, suitable for low-grade steel production and iron ore pigments.Siderite: Contains iron carbonate, primarily used in the production of steel and iron castings.Others: Includes iron ore with low iron content or impurities, such as taconite and laterite. Recent developments include: February 2021: Vale S.A. has begun running six self-driving haul trucks at the Carajás iron ore complex in Pará, Brazil. This program is part of a larger plan to improve employee safety, make the business more ecologically friendly, and gain competitiveness., February 2021: Mikhailovsky GOK (a subsidiary of Metalloinvest) announced the agreement with a consortium led by Midrex Technologies and Primetals Technologies to supply equipment for the HBI plant's development. The contract covers mechanical and electrical equipment engineering and supply, steel construction, plumbing, ducting, and training and advising services.. Key drivers for this market are: Infrastructure development and urbanization in emerging economies. Growth in the automotive and construction industries. Technological advancements in iron ore extraction and processing.. Potential restraints include: Depletion of iron ore reserves and environmental concerns. Fluctuating demand and prices due to economic conditions. Political and regulatory uncertainties affecting mining operations.. Notable trends are: Sustainable mining practices and waste reduction. Digitalization and automation in mining operations. Development of new iron ore sources and exploration in remote areas..
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Explore the multifaceted factors influencing international iron ore prices, including demand from the steel industry, supply conditions in leading exporting countries, macroeconomic trends, and speculative activities. Understand how these elements affect market dynamics, historical trends, and future developments.
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 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.
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New Zealand’s Iron Ore Mining industry has faced significant challenges following a sharp fall in iron ore prices from 2021-22 peaks. These declines have resulted from increased global supply, especially from Brazil and weakened demand from China’s construction and property sectors. While domestic steel demand has been relatively resilient, supported by infrastructure projects, high inflation and rising interest rates have pressured construction activity. Export demand, historically reliant on China, has diminished as China’s construction sector softened, further increasing external pressures. The industry remains highly concentrated, dominated by New Zealand Steel Limited and Taharoa Mining Investment Limited, both operating distinct mines with different iron content and market focuses. High entry barriers, complex regulatory approval processes and growing environmental activism discourage new entrants. Overall, falling iron ore prices, combined with rising operational costs, have squeezed profit margins. Overall, revenue is anticipated to fall at an annualised 4.1% over the five years through 2025-26, to $220.0 million. This includes an expected plunge of 4.6% in 2025-26 as iron ore prices soften.
Iron ore prices are expected to continue to decline over the next five years as global supply increases, particularly with the ramp-up of major projects in Australia, Brazil and Africa, including the Simandou iron ore project. This oversupply, combined with weaker Chinese construction demand, is likely to suppress industry-wide revenue and intensify competition, especially for export-focused operators like Taharoa. Domestically, demand for steel is forecast to grow as interest rates fall and infrastructure investment increases, helping to partially offset falling export revenue and supporting integrated producer New Zealand Steel. New offshore mining projects, like Trans-Tasman Resources’ South Taranaki Bight venture, could present growth opportunities if regulatory approval is secured, shaping the industry’s outlook. Revenue is forecast to decline at an annualised 0.7% through the end of 2030-31, to total $212.6 million.
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Iron Ore rose to 96.76 USD/T on July 14, 2025, up 0.05% from the previous day. Over the past month, Iron Ore's price has risen 1.61%, but it is still 11.77% 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.