Iron Ore fell to 94.47 USD/T on June 30, 2025, down 0.02% from the previous day. Over the past month, Iron Ore's price has fallen 1.54%, and is down 12.53% 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 July of 2025.

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

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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. 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

Iron Ore CNY rose to 716.50 CNY/T on June 27, 2025, up 2.36% from the previous day. Over the past month, Iron Ore CNY's price has risen 2.43%, but it is still 13.15% 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.

Discover the latest trends in the global iron ore market with a projected increase in consumption over the next six years. Market performance is expected to grow with a CAGR of +2.7%, reaching a volume of 4,071M tons by 2030.

TBRC iron ore market report includes underground mining, surface mining, construction, manufacturing, other end-uses

Magnetite Iron Ore Market Outlook

According to our latest research, the global magnetite iron ore market size reached USD 45.6 billion in 2024, and it is set to grow at a robust CAGR of 5.2% during the forecast period. By 2033, the market is forecasted to attain a valuation of USD 72.1 billion. This consistent growth is primarily fueled by escalating demand in steel production, rapid industrialization, and increasing infrastructure projects worldwide. The magnetite iron ore market is witnessing strong momentum as end-user industries prioritize high-grade materials for enhanced productivity and sustainability.

One of the key growth factors propelling the magnetite iron ore market is the surging demand for steel, particularly in emerging economies. Magnetite, with its high iron content and superior magnetic properties, is a preferred raw material in steel manufacturing. The expansion of infrastructure projects, including bridges, railways, and urban development initiatives, is driving the consumption of steel, which in turn fuels the need for magnetite iron ore. Moreover, as governments across Asia Pacific and other developing regions invest in smart cities and industrial corridors, the demand for high-grade iron ore continues to rise, supporting market expansion.

Technological advancements in mining and beneficiation processes are another critical growth driver for the magnetite iron ore market. Modern beneficiation techniques allow for the efficient extraction and processing of magnetite ores, which were previously considered uneconomical due to their lower iron content compared to hematite. The deployment of advanced magnetic separation, flotation, and pelletizing methods has significantly improved yield and purity, making magnetite a commercially viable alternative. Furthermore, the increasing adoption of automation and digitalization in mining operations has led to cost reductions and enhanced resource management, further stimulating market growth.

Environmental concerns and sustainability initiatives are also shaping the growth trajectory of the magnetite iron ore market. Magnetite’s use in water treatment and coal washing applications is gaining prominence due to its ability to remove impurities and enhance process efficiency. As industries seek to comply with stricter environmental regulations and reduce their carbon footprint, the adoption of magnetite-based solutions is on the rise. This trend is particularly evident in developed regions such as Europe and North America, where regulatory frameworks are stringent and the focus on green technologies is intense. These factors collectively contribute to the growing demand for magnetite iron ore across diverse applications.

From a regional perspective, Asia Pacific dominates the global magnetite iron ore market, accounting for more than 55% of total revenue in 2024. The region’s leadership is driven by massive steel production capacities in China, India, and Japan, coupled with ongoing infrastructure upgrades and urbanization. North America and Europe also represent significant markets, benefiting from technological advancements and a strong focus on sustainability. Meanwhile, the Middle East & Africa and Latin America are emerging as lucrative markets due to their untapped mineral reserves and increasing investments in mining and infrastructure development. This regional diversity ensures a balanced and resilient growth outlook for the global magnetite iron ore market.

Product Type Analysis

The magnetite iron ore market is segmented by product type into high-grade magnetite and low-grade magnetite. High-grade magnetite, characterized by its superior iron content and low impurity levels, remains the most sought-after category in the market. Its high iron concentration makes it ideal for direct use in blast furnaces and steelmaking processes, reducing the need for extensive beneficiation and lowering operational costs. As steel manufacturers increasingly prioritiz

The Iron Ore Market size was valued at USD 279.35 Kiloton in 2023 and is projected to reach USD 372.58 Kiloton by 2032, exhibiting a CAGR of 4.2 % during the forecast period. Iron ore is an aggregate of iron oxides that occurs naturally on the earth and can be utilized industrially depending on the extraction of the iron element. It is an essential input in steel steel-making process and is referred to as steel-making coal. There are two major varieties of iron ores that can be identified, they are Hematite which is made up of Fe2O3 and Magnetite is made up of Fe3O4. The spherical forms of the mineral specimens include Hematite with a reddish colour and a high percentage of iron and magnetite which is black and magnetic. Iron ore has signature qualities like high density, magnetism, and high iron composition which cannot be substituted in most manufacturing requirements. They are mostly utilized in steel production primarily accounting for more than 90% of steel producers in the world . Steel, produced from iron ore and metallized coal, is a vital resource in the construction, automotive and manufacturing industries because of its strength and sturdiness. The Social Benefits of iron ore consist of its availability and cheap production thus enabling the large-scale production of steel. Furthermore, the recycling ability of steel means that it can help in managing the limited iron ore resources in the long run, therefore playing a significant role in the prolonged advancement of industries. Recent developments include: October 2023: Rio Tinto announced plans to increase its Gudai-Darri iron ore mine production capacity to 50 million tons per year. The capacity increase would be achieved through upgrades, including improvements to conveyor belts and chutes, as well as utilization of an existing crushing and screening facility on site., February 2023: Fortescue Metals Group Ltd., through its incorporated joint venture company Ivindo Iron SA (Ivindo Iron), signed the Mining Convention for the Belinga Iron Ore Project (Belinga Project) in Gabon with the Gabonese Republic. This agreement opened growth opportunities for Fortescue Metals and Fortescue Future Industries (FFI) throughout Africa., June 2022: Rio Tinto and the Salzgitter Group signed an MOU (Memorandum of Understanding) to work together toward carbon-free steelmaking. They are studying the optimization of Rio Tinto’s high-quality Australian and Canadian iron ore products for use in Salzgitter’s SALCOS green steel project in Germany. Under the MOU, the company would explore the potential for iron ore pellets, fines, and lumps in hydrogen direct reduction steelmaking. The two companies also explored the potential for greenhouse gas emission certification across the steel value chain.. Key drivers for this market are: Global Urbanization and Industrialization to Encourage Market Growth. Potential restraints include: Technological Shifts and Availability of Alternative Methods to Hamper Market Growth . Notable trends are: Growing Government Infrastructure Projects in Developing Regions to Provide Beneficial Market Opportunities.

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.

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

Iron ore prices in , May, 2025 For that commodity indicator, we provide data from January 1960 to May 2025. The average value during that period was 48.62 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

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..

Global Iron Ore market size is expected to reach $643.88 billion by 2029 at 7.4%, segmented as by mining type, underground mining, surface mining

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.

According to Cognitive Market Research, the global Magnetite Iron Ore market size will be USD 89514.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 6.20% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 35805.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 26854.26 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 20588.27 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.2% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 4475.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.6% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 1790.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2031.
The magnetite category is the fastest growing segment of the Magnetite Iron Ore industry

Market Dynamics of Magnetite Iron Ore Market

Key Drivers for Magnetite Iron Ore Market

Growing Urbanization and Industrialization to Boost Market Growth

Steel manufacture uses magnetite as a raw material. Global demand for steel has increased due to the fast growth of both industrialization and urbanization. With a high iron concentration of up to 70%, magnetite iron ore is a fine iron ore that is sought after for use in the making of steel. A number of industries have experienced tremendous expansion recently, including manufacturing, construction, and the automobile sector. The market for magnetite iron ore has been adversely affected by this. Important technology advancements in the mining industry have also accelerated the shift to automation and spawned new technological advancements. This has improved efficiency in the mining sector and the market for magnetite iron ore while lowering labor costs.

Increasing Requirement for High-Grade Iron Ore to Drive Market Growth

There are growing prospects for expansion because of the increasing demand from steel producers for high-grade iron ore. Phosphorus, silica, and other impurities are present in small amounts in magnetite iron ore, but iron content is high. Due to its minimal greenhouse gas emissions, using high-grade iron ore lessens its impact on the environment. This aids producers in meeting air quality standards and lessening their carbon footprint in accordance with government laws. By employing cutting-edge land rehabilitation strategies, low-impact mining methods, and recycling mining waste, mining operations have a smaller negative environmental impact. Enterprises have the chance to employ electric-powered machinery to lower their carbon emissions and adopt an environmentally sustainable approach.

Restraint Factor for the Magnetite Iron Ore Market

High Price of Iron Ore Will Limit Market Growth

The price of iron ore internationally varies due to a number of factors, including disruptions in supply, changes in geopolitical situations, and variations in demand. These factors impact the cost of raw materials for the magnetite iron ore market. In the magnetite iron ore market, volatile prices discourage investment and have an adverse effect on profitability. Governments are enacting laws to incentivize companies to reduce their greenhouse gas emissions. In order to abide by these strict restrictions, which have an effect on their profit margins and restrict their expansion, businesses must invest in energy-efficient and renewable technologies.

Energy-Intensive Processing Requirements

One major restraint in the magnetite iron ore market is the high energy consumption required for processing magnetite into usable iron ore concentrates. Unlike hematite, magnetite has a lower iron content in its natural form and typically requires extensive beneficiation processes such as grinding, magnetic separation, and concentration. These processes are energy-intensive and result in higher operational costs and environmental impact, particularly in regions where electricity or fuel costs are high or where sustainability regulations are strict. This can discou...

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). .

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.

Iron ore miners are highly susceptible to changes in industrial production. This is why iron ore miners were significantly impacted at the start of the period because of the pandemic. Steel production took a nosedive and many mines shut down temporarily. As the economy recovered, miners saw triple-digit growth in 2021, since steel prices skyrocketed amid supply chain constraints. This allowed industry revenue to remain elevated for the rest of the period. From 2022 to 2024, while production began to climb after an initial dip at the start of 2022, prices plummeted as supply chain issues waned, causing revenue to fall. Overall, revenue for iron ore miners has been swelling at a CAGR of 7.5% over the past five years and is set to reach $5.3 billion in 2025, where revenue is set to plummet by 5.5%. While revenue strengthened during the period because of price hikes, miners experienced dips in profit after 2021, primarily because purchase costs continued to climb. Rising fuel costs, driven by surges in oil prices, have eaten into profit as miners now must pay extra to transport ore. While wage costs will come down from historical figures, they are set to go up slightly after 2021 as iron ore miners hire and train staff to use new equipment and technology. Looking ahead, iron ore miners will feel the impact of falling prices. Nonetheless, they are set to maintain a steady revenue stream from downstream markets. The Bipartisan Infrastructure Law, which requires that all iron ore and steel used in federally funded projects be made in the US, should help sustain the need for domestic iron ore. While infrastructure construction will continue to support consistent revenue, recent executive orders halting the construction of offshore wind projects and electric vehicle charging stations are set to dampen market growth. Overall, revenue is set to dip at a CAGR of 0.2% through 2030, reaching $5.3 billion.

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.