Iron Ore fell to 96.71 USD/T on July 11, 2025, down 0.05% from the previous day. Over the past month, Iron Ore's price has risen 1.31%, but it is still 11.74% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Iron Ore - values, historical data, forecasts and news - updated on July of 2025.

In May 2024, iron ore was valued at approximately *** U.S. dollars per dry metric ton unit (dmtu), as compared to *** U.S. dollars per dmtu in the same month of the previous year. Iron ore prices and production Iron ore refers to the minerals and rocks from which metallic iron is economically viable to extract. Pig iron, which is one of the raw materials used in steel production, is derived from iron ore. The price of iron ore has fluctuated a great deal over the last twenty years. In 2003, one dmtu of iron ore cost ** U.S. dollars, and increased to a high of *** U.S. dollars per dmtu in 2011. The price saw dramatic drops in the past decade, from ****** U.S. dollars per dry metric ton unit in March 2013 to ***** U.S. dollars per dmtu in December 2015. Since then, the price has increased gradually to ****** U.S. dollars per dmtu as of July 2021, before dropping sharply in August 2021. Iron ore producers Overall, the global production of iron ore did not decrease when the prices dropped. In fact, an increase in production among several of the world's largest iron ore producing countries was observed in the past five years. Australia produced *** million metric tons of iron ore in 2023. China is also among the world's largest iron ore producers, though its production is calculated differently than in other countries. Based primarily on the production of raw ore rather than usable ore, China produced an estimated *** million metric tons in 2023.

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 CNY rose to 766 CNY/T on July 11, 2025, up 0.20% from the previous day. Over the past month, Iron Ore CNY's price has risen 9.04%, but it is still 7.38% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for Iron Ore CNY.

Get the latest insights on price movement and trend analysis of Iron Ore in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

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 prices in , June, 2025 For that commodity indicator, we provide data from January 1960 to June 2025. The average value during that period was 48.68 dry metric ton unit with a minimum of 8.77 dry metric ton unit in January 1968 and a maximum of 214.43 dry metric ton unit in June 2021. | TheGlobalEconomy.com

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.

Snapshot img

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.
Request Free Sample

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

Graph and download economic data for Producer Price Index by Commodity: Metals and Metal Products: Iron Ores (WPU101105) from Dec 1997 to May 2025 about ore, iron, metals, commodities, PPI, inflation, price index, indexes, price, and USA.

Discover the recent changes in iron ore prices due to global market trends, with detailed analysis on regional price variations and market dynamics.

Explore the factors contributing to price fluctuations in the global iron ore market, from changes in demand to disruptions in supply, and how the shift towards high-grade iron ore products is reshaping the industry.

In 2024, the Indian iron ore market increased by 2.1% to $6.6B for the first time since 2021, thus ending a two-year declining trend. In general, consumption, however, continues to indicate a drastic downturn. Iron ore consumption peaked at $13.6B in 2012; however, from 2013 to 2024, consumption failed to regain momentum.

Graph and download economic data for Global price of Iron Ore (PIORECRUSDQ) from Q1 1990 to Q1 2025 about ore, iron, World, and price.

Iron Ore Market size was valued at USD 339.79 Billion in 2023 and is projected to reach USD 420.59 Billion by 2030, growing at a CAGR of 2.59 % during the forecasted period 2024 to 2030.

Global Iron Ore Market Drivers

The market drivers for the Iron Ore Market can be influenced by various factors. These may include:

Industrial Production and Infrastructure Development: Steel, a vital component of many sectors like construction, automotive, machinery, and infrastructure, is made from iron ore, a crucial raw material. Thus, the degree of infrastructural development and industrial activity has a big impact on the demand for iron ore, especially in growing economies like China and India.

Steel Production and Consumption: Global trends in steel production and consumption are intimately related to the demand for iron ore. The demand for steel is mostly driven by urbanisation, economic expansion, and construction activity. This, in turn, affects the demand for iron ore.

Global Economic Conditions: The demand for steel and, by extension, iron ore, is directly impacted by economic factors such as GDP growth rates, industrial output, and consumer expenditure. Economic downturns may cause a decline in the demand for steel and iron ore as well as a reduction in industrial activity.

Chinese Steel Industry Dynamics: China makes up a sizable amount of the world's demand for iron ore, making it the country that consumes the most of the resource worldwide. As a result, the iron ore market is greatly impacted by the laws, rules, and economic developments in China's steel sector as well as by the government's intentions for infrastructure spending.

Supply-Side Factors: Production disruptions (like mine closures, labour strikes, or unfavourable weather), adjustments to production capacity, technological advancements in mining methods, and exploration efforts that uncover new ore deposits are some of the factors that impact the supply of iron ore.

Get the latest insights on price movement and trend analysis of Iron in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

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..

Iron Ore Fines Market Outlook

The global iron ore fines market size was valued at approximately USD 125 billion in 2023 and is projected to reach USD 190 billion by 2032, growing at a steady compound annual growth rate (CAGR) of 4.8% over the forecast period. This growth can be attributed to the increasing demand for steel across various industries, which is the primary driver of the iron ore market. The robust urbanization and industrialization in emerging economies, particularly in the Asia Pacific region, are propelling the demand for iron ore fines as they are a critical raw material for steel production. Additionally, advancements in mining and processing technologies are enhancing the efficiency and sustainability of iron ore extraction, contributing to the market expansion.

The growth of the iron ore fines market is significantly influenced by the surging demand for steel in various sectors, including construction, automotive, and infrastructure development. Steel's versatility and durability make it a preferred material for building skyscrapers, bridges, and transportation systems. The rapid pace of urbanization, particularly in developing countries, is driving an unprecedented need for new infrastructure projects, which, in turn, is boosting the demand for steel. Consequently, this increased demand for steel is directly impacting the iron ore fines market, as these fines are a crucial component in steelmaking. Moreover, the automotive industry is witnessing a shift towards lightweight and high-strength materials, further driving the need for quality steel and iron ore fines.

Another major growth factor for the iron ore fines market is the growing emphasis on sustainable and efficient mining practices. With the global push towards reducing carbon emissions and minimizing environmental impacts, the mining industry is adopting advanced technologies to improve the extraction and processing of iron ore. Innovations such as automation, AI-driven analytics, and environmentally friendly mining techniques are enhancing the productivity of mining operations while reducing waste and emissions. These advancements are not only increasing the supply and quality of iron ore fines but also aligning the market with global sustainability goals, thereby attracting more investments and fostering market growth.

The regional outlook for the iron ore fines market reveals significant growth potential in the Asia Pacific region. This region is expected to dominate the market owing to the presence of major economies like China and India, which are witnessing rapid industrialization and urbanization. China's extensive steel production capacity and infrastructure development projects are major contributors to the demand for iron ore fines. In addition, India’s ambitious infrastructure initiatives and growing automotive sector are further propelling market growth in the region. North America and Europe are also expected to see moderate growth due to the increasing focus on modernizing infrastructure and the automotive industry's shift towards electric vehicles. Meanwhile, Latin America and the Middle East & Africa are exploring new mining opportunities, with several countries investing in enhancing their mining capabilities.

Grade Analysis

The iron ore fines market is segmented into high-grade, medium-grade, and low-grade iron ore fines, each catering to different industry requirements. High-grade iron ore fines, which contain a higher percentage of iron content, are in high demand due to their efficiency in steel production. These fines reduce the cost of processing and increase the quality of the steel produced, making them highly sought after by steel manufacturers. The demand for high-grade iron ore fines is particularly strong in regions with stringent quality standards for steel production, such as North America and Europe, where industrial applications require top-grade materials to ensure durability and performance.

Medium-grade iron ore fines represent a significant portion of the market and are often utilized by industries that balance cost and performance. These fines are a preferred choice for many emerging economies where steel production is rapidly expanding but cost constraints necessitate the use of more affordable raw materials. In the Asia Pacific region, medium-grade fines are extensively used in construction and infrastructure projects, providing a cost-effective solution while maintaining acceptable quality standards. The flexibility of medium-grade iron ore fines in various applications makes them a crucial component in meeting the diverse needs of global steel production.

According to Cognitive Market Research, the global Iron Ore Mining Market size is USD 191548.25 million in 2024 and will expand at a compound annual growth rate (CAGR) of 7.20% from 2024 to 2031.

North America held the major market, accounting for more than 40% of global revenue. With a market size of USD 1086.08 million in 2024, it will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 814.56 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 624.50 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.2% from 2024 to 2031.
The Latin America market will account for more than 5% of global revenue and will be USD 135.76 million in 2024, growing at a compound annual growth rate (CAGR) of 6.6% from 2024 to 2031.
The Middle East and Africa held the major markets, accounting for around 2% of the global revenue. The market was USD 54.30 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
The Construction held the highest Iron Ore Mining Market revenue share in 2024.

Market Dynamics of Iron Ore Mining Market

Key Drivers of Iron Ore Mining Market

Increasing Economic Growth and Industrialization

Economic growth, particularly in emerging economies like China and India, drives the demand for steel, which in turn fuels the demand for iron ore. Rapid urbanization and industrialization increase infrastructure and construction activities, boosting the need for steel products and thus stimulating iron ore mining. The steel industry is a primary consumer of iron ore. Any changes in steel production, influenced by factors such as construction projects, automotive manufacturing, and machinery production, directly impact the demand for iron ore.

Technological Advancements Opportunities To Propel Market Growth

Innovations in mining technologies enhance efficiency, reduce costs, and improve safety in iron ore extraction. Automation, remote monitoring, and data analytics play significant roles in optimizing operations, driving productivity, and increasing competitiveness in the market. Investments in infrastructure projects, including transportation networks, energy systems, and urban development, create demand for steel and, consequently, iron ore. Government initiatives aimed at infrastructure development can spur iron ore mining activities. Trade policies, tariffs, and geopolitical tensions influence the international flow of iron ore. Changes in trade agreements and tariffs imposed on steel and iron ore imports and exports can disrupt market dynamics, affecting prices and trade volumes.

Restraint Factors Of Iron Ore Mining Market

Community Opposition and Social License to Operate To Limit The Sales

Local communities often oppose mining projects due to concerns about environmental impacts, land rights, and social disruption. Conflict between mining companies and indigenous or rural communities can delay or halt operations, resulting in financial losses and reputational damage. Maintaining a social license to operate requires companies to engage with stakeholders, address grievances, and implement sustainable development initiatives, adding complexity and uncertainty to project planning and execution.

Impact of COVID-19 on the Iron Ore Mining Market

Lockdowns and restrictions imposed to contain the spread of the virus disrupted global supply chains, including those related to iron ore mining. Mining operations faced challenges such as labor shortages, logistical bottlenecks, and reduced access to essential inputs like equipment and spare parts. These disruptions led to delays in production and shipment, affecting the overall supply of iron ore to the market. The uncertainty surrounding the pandemic and its economic consequences contributed to heightened volatility in iron ore prices. Initially, demand uncertainty and concerns about steel production led to price declines. However, as economic activity resumed and stimulus measures were implemented, demand for steel rebounded, driving iron ore prices to record highs. Fluctuations in prices created challenges for both producers and consumers in managing their operations and financial planning. Introduction of the Iron Ore Mining Market

Iron ore mining is the process of extracting ...

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