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.

Global Iron Ore Pellets market size is expected to reach $80.22 billion by 2029 at 6.2%, the surge in iron ore pellets market fueled by escalating steel demand in global construction

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.

This dataset includes real-time and historical Iron Ore prices, global market insights, trading data, and demand forecasts provided by Bigmint.

Russia Avg Producer Price: OKPD2: Ores: Iron Ore: Iron Ore Pellets data was reported at 5,815.050 RUB/Ton in Jan 2019. This records a decrease from the previous number of 6,204.820 RUB/Ton for Dec 2018. Russia Avg Producer Price: OKPD2: Ores: Iron Ore: Iron Ore Pellets data is updated monthly, averaging 4,722.150 RUB/Ton from Jan 2017 (Median) to Jan 2019, with 25 observations. The data reached an all-time high of 6,204.820 RUB/Ton in Dec 2018 and a record low of 3,558.550 RUB/Ton in Jul 2017. Russia Avg Producer Price: OKPD2: Ores: Iron Ore: Iron Ore Pellets data remains active status in CEIC and is reported by Federal State Statistics Service. The data is categorized under Russia Premium Database’s Prices – Table RU.PB001: Average Producer Price: Mining and Quarrying.

704 Global import shipment records of Iron Ore Pellets with prices, volume & current Buyer's suppliers relationships based on actual Global export trade database.

Explore the fluctuating dynamics of pellet iron ore prices, driven by global demand, production costs, environmental regulations, and geopolitical tensions, and their implications on the steel industry as of October 2023.

This statistic depicts the average annual prices for iron ore from 2014 through 2023, with forecasted figures for 2024 to 2026. In 2023, the average price for iron ore stood at 120.6 nominal U.S. dollars per dry metric ton.

2095 Global import shipment records of Iron Ore Pellet with prices, volume & current Buyer's suppliers relationships based on actual Global export trade database.

Iron Ore Pellets Market Outlook

The iron ore pellets market size was valued at approximately USD 63.2 billion in 2023 and is projected to reach USD 105.3 billion by 2032, growing at a CAGR of 5.6% during the forecast period. This growth can be attributed to several factors, including the increasing demand for steel in various industries and advancements in pelletizing technologies. The global market is driven by the rising need for high-grade steel, increasing industrialization, and infrastructural development across emerging economies.

One of the primary growth factors for the iron ore pellets market is the booming construction sector, particularly in developing regions. Infrastructure projects such as roads, bridges, and buildings require substantial amounts of steel, which in turn drives the demand for iron ore pellets. Additionally, urbanization trends in countries such as China and India have significantly increased the demand for steel, thus bolstering the iron ore pellets market. The growing automotive industry is also contributing to the market growth, as steel is a fundamental material used in vehicle manufacturing.

Another crucial growth factor is the shift towards sustainability and eco-friendly practices in the steel production industry. Iron ore pellets are considered a more environmentally friendly alternative compared to traditional iron-making processes. Government regulations promoting the adoption of eco-friendly practices and the reduction of carbon emissions are encouraging steel manufacturers to utilize iron ore pellets. The technological advancements in pelletizing processes have also enhanced the efficiency and quality of iron ore pellets, further driving market growth.

The rising investments in research and development activities to improve the quality and cost-efficiency of iron ore pellets are also a significant growth driver. Innovations in pelletizing technology have resulted in pellets with higher iron content and fewer impurities, making them more suitable for high-quality steel production. Furthermore, the development of value-added products and specialized grades of iron ore pellets is creating new opportunities for market expansion.

Regionally, the Asia Pacific region is expected to dominate the iron ore pellets market, driven by the rapid industrialization and urbanization in countries like China and India. North America and Europe are also significant markets due to the established steel industries and the presence of major steel manufacturers. Latin America and the Middle East & Africa regions are expected to witness moderate growth, supported by increasing investments in the mining sector and infrastructural projects.

Grade Analysis

The iron ore pellets market is segmented by grade into blast furnace grade and direct reduction grade. The blast furnace grade pellets are primarily used in traditional steelmaking processes that involve blast furnaces. These pellets have high iron content and are typically used in large-scale steel production facilities. The demand for blast furnace grade pellets is driven by the extensive use of blast furnaces in the steel industry, particularly in regions with established steel production infrastructures such as Asia Pacific and Europe.

On the other hand, direct reduction grade pellets are designed for use in Direct Reduction Iron (DRI) processes. These pellets are used in electric arc furnaces and other direct reduction methods that produce steel with lower carbon emissions. The growing emphasis on reducing carbon footprints in the steel industry is boosting the demand for direct reduction grade pellets. These pellets are preferred for their efficiency and lesser environmental impact, aligning with global sustainability goals.

The choice between blast furnace grade and direct reduction grade pellets depends on the specific requirements of the steel production process. While blast furnace grade pellets are more suitable for high-capacity production units, direct reduction grade pellets offer advantages in terms of energy efficiency and environmental sustainability. The ongoing advancements in pelletizing technology are also enabling the production of high-quality pellets for both grades, meeting the diverse needs of the steel industry.

The market dynamics for each grade are influenced by factors such as regional steel production capacities, technological advancements, and regulatory policies. For instance, regions with stringent environmental regulations are likely to witness higher demand for direct reduction

The global iron ore pellets market, valued at $67.95 billion in 2025, is poised for substantial growth. While the provided CAGR is missing, considering the robust demand driven by the steel industry's expansion, particularly in developing economies like India and China, and ongoing investments in mining and processing infrastructure, a conservative estimate of a 5% CAGR between 2025 and 2033 is reasonable. This would translate to significant market expansion over the forecast period. Key drivers include increasing steel production globally, the rising preference for iron ore pellets due to their superior metallurgical properties compared to direct iron ore, and ongoing technological advancements in pellet production enhancing efficiency and reducing costs. Market segmentation reveals significant demand across various applications, including magnetite and hematite, with blast furnace pellets and direct reduction pellets dominating the type segment. Major players like Vale, Rio Tinto, and BHP are key contributors, leveraging their established mining operations and global reach to capitalize on market opportunities. Regional variations are expected, with Asia-Pacific maintaining a substantial market share driven by the steel-intensive economies of China and India. However, growth in other regions, including North America and parts of Europe, is also anticipated due to infrastructure development and industrial expansion. The market, however, faces challenges. Fluctuations in iron ore prices, coupled with geopolitical uncertainties and environmental regulations, present potential restraints to growth. The industry’s sustainability efforts, focusing on reducing carbon emissions throughout the pellet production lifecycle and responsible sourcing practices, will play a crucial role in shaping future market dynamics. Furthermore, technological advancements in steelmaking, potentially leading to alternative raw materials, represent a long-term risk factor for market growth. Despite these challenges, the continuous rise in global steel demand and the inherent advantages of iron ore pellets over alternative raw materials suggest a positive outlook for the iron ore pellets market in the coming years. Sustained investments in mine expansions and processing capacity upgrades are expected from major market players. This report provides a detailed analysis of the global iron ore pellets market, offering invaluable insights for stakeholders across the value chain. The market, valued at approximately $150 billion in 2023, is projected to experience robust growth, driven by burgeoning steel production and infrastructural development globally. This report delves into production volumes exceeding 1.2 billion tonnes annually, dissecting market dynamics and future projections.

The Global Iron Ore Pellets Market size was valued at USD 45.2 billion in 2023 and is projected to reach USD 55.59 billion by 2032, exhibiting a CAGR of 3.0 % during the forecasts period. The iron ore pellets market in the global concern refers to the creation and distribution of a small spherical ball that consists of iron used in the production of steel. These pellets are produced by agglomerating the iron ore fines or concentrates through a hot-balling process which includes heating the fines to a high temperature and rolling them in a ball shape. It is used as a feed for blast furnaces in the manufacture of steel where it has properties that advantage include its chemical homogeneity and high iron yield which can increase efficiency and lessen pollution levels. Major forces in the market trend are the growing demand for steel structures in developing nations, innovation and the latest technological processes implemented for the betterment of pellet quality and low impact on the environment, and changing iron ore prices about supply factors and prevailing global trends.

12 Global import shipment records of Iron Ore Pellets with prices, volume & current Buyer's suppliers relationships based on actual Global export trade database.

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.

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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

The global oxidized pellet market is experiencing robust growth, driven by the increasing demand for steel in construction, infrastructure development, and automotive industries. The market size in 2025 is estimated at $15 billion, exhibiting a Compound Annual Growth Rate (CAGR) of 5% from 2025 to 2033. This growth is fueled by several key factors, including the expansion of the steel industry in developing economies like China and India, the rising adoption of advanced oxidized pellets offering superior metallurgical properties, and the growing preference for electric arc furnaces (EAFs) over blast furnaces, which utilize oxidized pellets extensively. Technological advancements in pellet production, leading to enhanced efficiency and reduced environmental impact, also contribute to market expansion. However, fluctuations in iron ore prices and the increasing focus on sustainable steelmaking practices present challenges to market growth. The market segmentation reveals a strong demand for medium oxidized pellets, driven largely by their cost-effectiveness, while advanced oxidized pellets are witnessing increasing adoption due to their superior performance in various applications. Geographically, Asia Pacific dominates the market, followed by Europe and North America, driven primarily by large-scale steel production in these regions. The competitive landscape is characterized by the presence of major steel producers and mining companies, including Vale, Cleveland-Cliffs, LKAB, BHP, and Rio Tinto, who play a significant role in both the supply and demand of oxidized pellets. The strategic collaborations and mergers & acquisitions among these key players are further shaping market dynamics. Furthermore, the increasing focus on reducing carbon emissions within the steel industry is expected to influence the demand for oxidized pellets produced with sustainable practices. While some regional markets might face challenges due to economic slowdowns or specific regulatory changes, the overall positive outlook for global steel production ensures the continued growth of the oxidized pellet market throughout the forecast period. The market is expected to reach approximately $23 billion by 2033, reflecting consistent growth and sustained industry demand.

Graph and download economic data for Producer Price Index by Industry: Iron Ore Mining (PCU2122121221) from Dec 1984 to May 2025 about ore, iron, mining, PPI, industry, inflation, price index, indexes, price, and USA.

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.

The global iron ore pellets dryer market is experiencing robust growth, driven by the increasing demand for high-quality iron ore pellets in the steel industry. The market size in 2025 is estimated at $2.5 billion, exhibiting a Compound Annual Growth Rate (CAGR) of 7% from 2025 to 2033. This growth is fueled by several factors, including the rising global steel production, particularly in developing economies experiencing rapid industrialization. Furthermore, the stringent environmental regulations promoting cleaner production methods are pushing the adoption of advanced drying technologies, boosting the demand for efficient and environmentally friendly iron ore pellet dryers. Key players like Taeda, AGICO Cement, and Laxmi En-Fab are actively contributing to this market expansion through technological advancements and strategic partnerships. The market segmentation is influenced by dryer type (e.g., rotary, fluidized bed), capacity, and end-user industry (e.g., mining, steel production). Geographical expansion is also a key driver, with regions like Asia-Pacific exhibiting significant growth potential due to the high concentration of steel manufacturing facilities. However, the market faces certain challenges. Fluctuations in iron ore prices and steel demand can impact market growth. Additionally, the high capital investment required for installing and maintaining these dryers can act as a restraint, particularly for smaller players. Despite these challenges, the long-term outlook for the iron ore pellets dryer market remains positive, with continued growth projected throughout the forecast period (2025-2033) driven by ongoing infrastructural development globally and the increasing focus on sustainable steel production practices. Technological advancements focusing on energy efficiency and reduced emissions will further contribute to market expansion.