Iron Ore rose to 106.94 USD/T on December 1, 2025, up 2.00% from the previous day. Over the past month, Iron Ore's price has risen 1.04%, and is up 1.54% 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 December of 2025.

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Iron Ore Market Size 2025-2029

The iron ore market size is valued to increase USD 60.9 billion, at a CAGR of 3.3% from 2024 to 2029. Upsurge in the consumption of high-strength iron ore and steel will drive the iron ore market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 89% growth during the forecast period.
By Product - Fines segment was valued at USD 165.60 billion in 2023
By Source - Surface mining segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 29.20 billion
Market Future Opportunities: USD 60.90 billion
CAGR from 2024 to 2029 : 3.3%

Market Summary

Amidst the global economic recovery, the market experiences a significant surge in demand, driven primarily by the consumption of high-strength iron ore in the production of steel. This trend is particularly pronounced in emerging economies like China and India, where economic growth continues to fuel the demand for stainless steel. The market, a high capital investment sector, is expected to maintain its momentum, with industry analysts projecting a value of USD 150 billion by 2025. Despite challenges such as environmental concerns and supply chain disruptions, the market's resilience is evident, underpinned by the indispensable role of iron ore in infrastructure development and industrial growth.
The market's evolution reflects the interconnectedness of global economies and the ongoing quest for sustainable, high-performance materials.

What will be the Size of the Iron Ore Market during the forecast period?

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How is the Iron Ore Market 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.

In the dynamic and complex realm of the market, this essential steelmaking raw material undergoes continuous exploration and production using various methods. Mining techniques span open-pit and underground operations, with geophysical survey data informing the discovery of new mineral resources. Exploration relies on advanced drilling methods, while geological modeling and mineral resource assessment aid in ore grade estimation and mine planning. The ironmaking process is optimized through the application of innovative techniques, such as sintering process optimization and iron ore pelletization. In the sintering process, fine iron ore fines are blended with coke breeze, limestone, and recycled sinter particles, creating a porous, cohesive mass.

This sinter is then fed into the blast furnace, enhancing the efficiency of the ironmaking process. Environmental considerations are paramount in modern mining operations. Mine water management and dust suppression systems are crucial for minimizing environmental impact. Additionally, production cost analysis and mine waste management are essential for maintaining profitability and sustainability. The iron ore characterization and beneficiation processes employ magnetic separation methods and flotation cell design to improve ore quality. These techniques ensure the removal of impurities and the concentration of valuable iron ore particles, contributing to the overall efficiency of the mining and production process. As the industry evolves, mine safety regulations and transportation logistics continue to be critical factors in the success of iron ore mining operations.

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The Fines segment was valued at USD 165.60 billion in 2019 and showed a gradual increase during the forecast period.

The integration of advanced technologies, such as particle size distribution analysis and blast furnace operation optimization, further enhances the productivity and profitability of these ventures. A single data point illustrates the significance of fine iron ore in the industry: the global market for iron ore fines is projected to reach a value of USD120 billion by 2027, underscoring their importance as a key component in the

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.

• Iron Ore Metals Market Scope:

The report on Iron Ore Metals 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 metals market is segmented on the basis of type, application, and geography.

The Worldwide market for Iron Ore Metals 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

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.

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.

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.

Iron Ore CNY rose to 794 CNY/T on November 28, 2025, up 0.70% from the previous day. Over the past month, Iron Ore CNY's price has fallen 1.31%, but it is still 0.13% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for Iron Ore CNY.

In 2019, the Turkish iron ore market was finally on the rise to reach $X after five years of decline. Overall, the total consumption indicated a pronounced expansion 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 decreased by -X% against 2013 indices. The most prominent rate of growth was recorded in 2010 when the market value increased by X% y-o-y. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2019, consumption 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.

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 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.

China Import Price: Iron Ore & Concentrate: Asia: Bangladesh data was reported at 80.001 USD/Ton in Jan 2020. This records an increase from the previous number of 80.000 USD/Ton for Nov 2019. China Import Price: Iron Ore & Concentrate: Asia: Bangladesh data is updated monthly, averaging 80.701 USD/Ton from Jul 2011 (Median) to Jan 2020, with 15 observations. The data reached an all-time high of 155.000 USD/Ton in Jul 2011 and a record low of 70.019 USD/Ton in Mar 2019. China Import Price: Iron Ore & Concentrate: Asia: Bangladesh data remains active status in CEIC and is reported by CEIC Data. The data is categorized under China Premium Database’s Price – Table CN.PG: Iron Ore and Concentrate Import and Export Price.

In 2019, the Chinese iron ore market increased by X% to $X, rising for the fourth year in a row after two years of decline. In general, consumption showed buoyant growth. The growth pace was the most rapid in 2009 with an increase of X% year-to-year. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2019, consumption stood at a somewhat lower figure.

China Import Price: Iron Ore & Concentrate: Africa: Sierra Leone data was reported at 85.346 USD/Ton in Mar 2025. This records an increase from the previous number of 81.762 USD/Ton for Feb 2025. China Import Price: Iron Ore & Concentrate: Africa: Sierra Leone data is updated monthly, averaging 90.486 USD/Ton from Sep 2011 (Median) to Mar 2025, with 121 observations. The data reached an all-time high of 29,000.000 USD/Ton in Apr 2019 and a record low of 25.760 USD/Ton in Jan 2018. China Import Price: Iron Ore & Concentrate: Africa: Sierra Leone data remains active status in CEIC and is reported by CEIC Data. The data is categorized under China Premium Database’s Price – Table CN.PG: Iron Ore and Concentrate Import and Export Price.

Manganese traded flat at 29.85 CNY/mtu on November 28, 2025. Over the past month, Manganese's price has risen 0.34%, and is up 2.05% compared to the same time last year, 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 December of 2025.

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.

In 2019, the Ghanian iron ore market increased by X% to $X, rising for the second year in a row after four years of decline. Over the period under review, consumption posted a perceptible increase. The pace of growth appeared the most rapid in 2012 with an increase of X% y-o-y. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2019, consumption failed to regain the momentum.