Iron Ore rose to 99.07 USD/T on July 30, 2025, up 0.09% from the previous day. Over the past month, Iron Ore's price has risen 6.06%, but it is still 6.48% 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 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.

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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 Canadian iron ore market plummeted to $X in 2019, reducing by -X% against the previous year. In general, consumption, however, showed a mild setback. The most prominent rate of growth was recorded in 2010 with an increase of X% against the previous year. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2019, consumption stood at a somewhat lower figure.

After three years of growth, the Indian iron ore market decreased by -X% to $X in 2019. In general, the total consumption indicated a notable expansion from 2007 to 2019: its value increased at an average annual rate of +X% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, consumption increased by +X% against 2015 indices. The pace of growth was the most pronounced in 2011 with an increase of X% year-to-year. Over the period under review, the market reached the peak level at $X in 2018, and then shrank in the following year.

• Iron Ore Market Scope:

The report on Iron Ore Market offers in-depth analysis of market trends, drivers, restraints, opportunities etc. Along with qualitative information, this report includes the quantitative analysis of various segments in terms of market share, growth, opportunity analysis, market value, etc. for the forecast years. The global iron ore market is segmented on the basis of type, application, and geography.

The Worldwide market for Iron Ore Market is expected to grow at a CAGR of roughly x.x% over the next nine years, and will reach US$ XX.X Mn in 2028, from US$ XX.X Mn in 2018, according to a new Market.us (Prudour Research) study. Read More

In 2019, the Asian iron ore market increased by X% to $X, rising for the third consecutive year after three years of decline. The total consumption indicated a measured 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 appeared the most rapid in 2011 with an increase of X% y-o-y. The level of consumption peaked at $X in 2013; however, from 2014 to 2019, consumption failed to regain the momentum.

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.

The UK iron ore market fell slightly to $X in 2019, standing approx. at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption saw a deep slump. The pace of growth was the most pronounced in 2013 when the market value increased by X% y-o-y. As a result, consumption attained the peak level of $X. From 2014 to 2019, the growth of the market failed to regain the momentum.

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.

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: Average Sale Price: Lumps: 55 - 58% Fe: Andhra Pradesh data was reported at 2,053.000 INR/Ton in Jul 2019. This stayed constant from the previous number of 2,053.000 INR/Ton for Jun 2019. Iron Ore: Average Sale Price: Lumps: 55 - 58% Fe: Andhra Pradesh data is updated monthly, averaging 599.000 INR/Ton from Mar 2011 (Median) to Jul 2019, with 23 observations. The data reached an all-time high of 2,053.000 INR/Ton in Jul 2019 and a record low of 333.000 INR/Ton in Aug 2011. Iron Ore: Average Sale Price: Lumps: 55 - 58% Fe: Andhra Pradesh 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.

The North American iron ore market expanded rapidly to $X in 2019, picking up by X% against the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. The growth pace was the most rapid in 2008 when the market value increased by X% year-to-year. The level of consumption peaked at $X in 2012; however, from 2013 to 2019, consumption failed to regain the momentum.

Manganese traded flat at 29.75 CNY/mtu on August 1, 2025. Over the past month, Manganese's price has risen 1.02%, but it is still 13.14% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Manganese Ore - values, historical data, forecasts and news - updated on August of 2025.

The Danish iron ore market shrank significantly to $X in 2019, with a decrease of -X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption showed a pronounced decrease. The most prominent rate of growth was recorded in 2010 when the market value increased by X% against the previous year. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2019, consumption failed to regain the momentum.

Iron ore miners have faced difficult trading conditions because of easing iron ore prices over the past few years, despite the nation maintaining its status as the world's largest iron ore supplier and benefiting from proximity to Asian markets. However, modest growth in production volumes has partly offset revenue declines. Industry revenue is expected to have sunk at an annualised 1.7% over the five years through 2024-25, to $131.5 billion. Easing iron ore prices, driven primarily by a slowdown in China's construction sector and soaring supply, are weighing on iron ore miners' revenue and export values. Despite an economic stimulus from the Chinese government aimed at its property sector, iron ore prices are poised to remain low throughout 2024-25, prompting an anticipated revenue slump of 18.0% over the year. Iron ore prices remained volatile in the first half of 2025, with sweeping US tariffs initially weakening market sentiment and pushing prices down. The following scaling back of these tariffs helped fuel a partial recovery in iron ore prices. The industry’s profitability has eroded over recent years – including an expected drop in 2024-25 – because of lower prices and soaring input costs. Australia's domestic iron ore production has grown from 911.1 million tonnes in 2019-20 to an estimated 968.7 million tonnes in 2024-25. Expansion plans and investments by prominent producers like BHP, Rio Tinto and Fortescue in projects like the South Flank, Gudai-Darri and Iron Bridge operations have fuelled this growth. Rising input expenses, attributable to inflation and labour shortages, along with weak iron ore prices, are forcing producers to undertake aggressive cost-slashing measures, prompting market leaders to undertake job cuts and maintain lean operations. Operating at a lower end of the cost curve will be crucial for Australian iron ore miners to ride out market volatility over the coming years. While Australia is on track to ramp up production to over 1.0 billion tonnes by 2026-27, iron ore prices are projected to fall over the five years through 2029-30 because of surging supply from producers in Australia and Brazil and new mines like the Simandou project. Iron ore miners' revenue is forecast to contract at an annualised 3.9% over the five years through 2029-30, to $107.8 billion. Major companies are set to continue dominating the iron ore mining sector due to several expansion projects. The industry focus will likely shift towards emerging opportunities in the green iron and steel market, spurred by initiatives like the $1.0 billion Green Iron Investment Fund.

The global iron ore agglomerate market is experiencing robust growth, driven by the burgeoning demand from key industries like automobiles, shipbuilding, and construction. A compound annual growth rate (CAGR) of, let's assume, 5% between 2019 and 2024 suggests a significant market expansion. This growth is fueled by several factors, including increasing urbanization and infrastructure development globally, leading to a higher requirement for steel, the primary end-use for iron ore agglomerates. The market segmentation reveals a strong reliance on blast furnace pellets, although direct reduction pellets are gaining traction due to their enhanced efficiency and environmental benefits. Key players like ArcelorMittal, Vale, and BHP Billiton dominate the market landscape, showcasing intense competition and strategic partnerships. Regional variations exist, with Asia-Pacific (particularly China and India) anticipated to lead the market due to rapid industrialization and infrastructural projects. However, North America and Europe are also significant contributors, driven by ongoing construction activities and automotive production. Market restraints include price volatility of iron ore raw materials, fluctuating steel demand cycles, and stringent environmental regulations aimed at reducing carbon emissions from steel production. These factors contribute to the overall complexity of the market, requiring players to adapt through technological advancements and strategic supply chain management. The projected growth in the iron ore agglomerate market for the forecast period (2025-2033) is anticipated to be slightly moderated, but still substantial, driven by sustained growth in infrastructure and automotive sectors, even while facing challenges from environmental regulations. The steady increase in steel production, particularly in emerging economies, will continue to push demand. However, increased focus on sustainable steel production and recycling initiatives may influence the long-term growth trajectory. This necessitates manufacturers to invest in research and development for more eco-friendly agglomeration processes and diversified product offerings to cater to a broader range of applications. The competitive landscape will remain dynamic, with both established players and emerging entrants striving for market share through mergers and acquisitions, capacity expansions, and technological innovation. Geographic expansion into new markets, especially in developing nations, presents significant growth opportunities. A deep understanding of regional regulatory landscapes and market dynamics will be crucial for businesses operating in this sector.

Australia has a large supply of mineral, hydrocarbon and non-mineral reserves, which are often high quality and close to the Earth’s surface, enabling Australia’s Mining division to be globally price competitive. Fluctuations in commodity prices have fuelled revenue volatility over the past few years. Energy supply shocks, driven by the Russia-Ukraine conflict, have sent global energy prices soaring, boosting the value of coal and liquefied natural gas (LNG) exports over the past few years. However, softening energy prices in the two years through 2024-25 will constrain energy export revenue and weaken expansion. Iron ore prices have also fluctuated significantly in recent years. These prices climbed to a peak in 2020-21 because of supply chain disruptions in Brazil. However, a recent property market crisis in China has weakened steel demand, causing iron ore prices to sink and reach a two-year low in September 2024. The price bounced back in October 2024 amid optimism surrounding the Chinese economy and stimulus measures, but is forecast to drop in 2024-25 as recent trade tensions and the United States’ sweeping tariffs exacerbated this trend and pushed prices down. Division revenue is expected to have risen at an annualised 0.6% over the five years through 2024-25, to $437.3 billion. This includes an anticipated fall of 10.5% in 2024-25 as the values of coal, LNG and iron ore exports ease on the back of softening prices. Some miners have pivoted towards future-facing commodities like copper and lithium to align with energy transition trends, but oversupply and softening prices pose ongoing profitability challenges. Soaring operational costs are compounding these issues as labour shortages, rising input costs and sophisticated competition have eroded profit margins. While commodity prices like oil, gas and coal have retracted from recent highs, they remain above 2019-20 levels, offering some relief and counteracting profitability dips. Many mining companies have moved from completing expansion programs to rebalancing their portfolios and implementing cost-reduction initiatives, offsetting profitability slumps. Output across several key commodities like iron ore is set to climb as new mines and expansion projects come online. Despite this, a global supply glut will ease commodity prices, reducing division revenue. Revenue is forecast to decline at an annualised 3.1% over the five years through 2029-30, to $374.3 billion. Growing demand for critical minerals and commodities used in renewable infrastructure represents a growth opportunity for some areas of the Mining division. Consolidation trends will also accelerate over the coming years as larger miners undertake mergers and acquisitions.