Iron Ore rose to 106.08 USD/T on September 9, 2025, up 1.10% from the previous day. Over the past month, Iron Ore's price has risen 4.04%, and is up 16.21% 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 September 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.

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.

Global Iron Ore Pellets market size is expected to reach $77.31 billion by 2029 at 5.7%, the surge in iron ore pellets market fueled by escalating steel demand in global construction

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

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.

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 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.

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 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.

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.

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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.

Major Market Trends & Insights

APAC dominated the market and contributed 89% to the growth during the forecast period.
The market is expected to grow significantly in Europe region as well over the forecast period.
Based on the Product, the Fines segment led the market and was valued at USD 174.90 billion of the global revenue in 2023.
Based on the Source, the Surface mining segment accounted for the largest market revenue share in 2023.

Market Size & Forecast

Market Opportunities: USD 29.20 Billion
Future Opportunities: USD 60.9 Billion
CAGR (2024-2029): 3.3%
APAC: Largest market in 2023

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

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

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.

Revenue is forecast to contract at a compound annual rate of 1.8% over the five years through 2025 to €9.5 billion. The pandemic contributed to significant disruption in iron ore miners’ downstream markets. As China is the largest consumer of iron ore, its strict COVID-19 restrictions hindered demand in 2020 and constrained revenue growth for the period. This was followed by skyrocketing iron ore prices in 2021 as demand suddenly soared following the lifting of some pandemic-related restrictions. However, in the context of a sluggish European market, iron mining revenue failed to recover despite historically high prices. Iron ore prices started to slide in 2022. This, along with persistently weak economic conditions, continued to hinder downstream activity, limiting revenue growth through 2024. European iron ore miners have also contended with growing competition from large foreign miners, like those in China, Australia and Brazil – the world’s largest iron ore producers. This has also pressured profitability, as some of these countries can offer more competitive prices. Iron ore mining revenue is forecast to hike by 1.1% in 2025, mainly due to a modest recovery in steel manufacturing in the EU, the main downstream market for iron ore. Lower inflation and interest rates, along with this, are set to support slightly better industry prospects. Revenue is expected to climb at a compound annual rate of 7.1% over the five years through 2030 to €13.3 billion. Recovering economic conditions will spur renewed demand for iron ore as activity levels support demand from European industries. Large iron ore miners will continue to dominate the market due to the significant capital requirements needed to set up iron ore mining operations.

Revenue is forecast to contract at a compound annual rate of 1.8% over the five years through 2025 to €9.5 billion. The pandemic contributed to significant disruption in iron ore miners’ downstream markets. As China is the largest consumer of iron ore, its strict COVID-19 restrictions hindered demand in 2020 and constrained revenue growth for the period. This was followed by skyrocketing iron ore prices in 2021 as demand suddenly soared following the lifting of some pandemic-related restrictions. However, in the context of a sluggish European market, iron mining revenue failed to recover despite historically high prices. Iron ore prices started to slide in 2022. This, along with persistently weak economic conditions, continued to hinder downstream activity, limiting revenue growth through 2024. European iron ore miners have also contended with growing competition from large foreign miners, like those in China, Australia and Brazil – the world’s largest iron ore producers. This has also pressured profitability, as some of these countries can offer more competitive prices. Iron ore mining revenue is forecast to hike by 1.1% in 2025, mainly due to a modest recovery in steel manufacturing in the EU, the main downstream market for iron ore. Lower inflation and interest rates, along with this, are set to support slightly better industry prospects. Revenue is expected to climb at a compound annual rate of 7.1% over the five years through 2030 to €13.3 billion. Recovering economic conditions will spur renewed demand for iron ore as activity levels support demand from European industries. Large iron ore miners will continue to dominate the market due to the significant capital requirements needed to set up iron ore mining operations.

Revenue is forecast to contract at a compound annual rate of 1.8% over the five years through 2025 to €9.5 billion. The pandemic contributed to significant disruption in iron ore miners’ downstream markets. As China is the largest consumer of iron ore, its strict COVID-19 restrictions hindered demand in 2020 and constrained revenue growth for the period. This was followed by skyrocketing iron ore prices in 2021 as demand suddenly soared following the lifting of some pandemic-related restrictions. However, in the context of a sluggish European market, iron mining revenue failed to recover despite historically high prices. Iron ore prices started to slide in 2022. This, along with persistently weak economic conditions, continued to hinder downstream activity, limiting revenue growth through 2024. European iron ore miners have also contended with growing competition from large foreign miners, like those in China, Australia and Brazil – the world’s largest iron ore producers. This has also pressured profitability, as some of these countries can offer more competitive prices. Iron ore mining revenue is forecast to hike by 1.1% in 2025, mainly due to a modest recovery in steel manufacturing in the EU, the main downstream market for iron ore. Lower inflation and interest rates, along with this, are set to support slightly better industry prospects. Revenue is expected to climb at a compound annual rate of 7.1% over the five years through 2030 to €13.3 billion. Recovering economic conditions will spur renewed demand for iron ore as activity levels support demand from European industries. Large iron ore miners will continue to dominate the market due to the significant capital requirements needed to set up iron ore mining operations.

The global iron ore pelletizing pelletizers market, valued at $27,720 million in 2025, is projected to experience steady growth, driven by a Compound Annual Growth Rate (CAGR) of 3.8% from 2025 to 2033. This expansion is fueled by the increasing demand for high-quality iron ore pellets in the steel industry. Growth in construction, infrastructure development, and mining activities globally significantly impacts the market. The rising preference for iron ore pellets over direct iron ore in steel production, due to their superior properties like consistent quality, enhanced handling, and improved blast furnace efficiency, is a key driver. Technological advancements in pelletizer design, focusing on energy efficiency and improved productivity, are also contributing to market expansion. The market is segmented by application (mining, metallurgy, construction, others) and type (disc pelletizers, rotary drum pelletizers), with disc pelletizers currently holding a larger market share due to their versatility and higher production capacity. Regional analysis indicates strong growth in Asia-Pacific, particularly in China and India, owing to their burgeoning steel industries and significant infrastructure development projects. North America and Europe also contribute substantially, driven by ongoing industrial activities and investments in infrastructure modernization. However, fluctuating iron ore prices and stringent environmental regulations pose challenges to market growth. Competition among key players like Metso Outotec, FEECO International, Uralmashplant, AGICO, and Eirich is intense, prompting continuous innovation and strategic partnerships. The forecast period (2025-2033) anticipates continued market growth, albeit at a potentially moderated pace in later years, influenced by global economic conditions and raw material price fluctuations. The adoption of sustainable manufacturing practices and the development of environmentally friendly pelletizing technologies will significantly shape the market's future trajectory. The increasing focus on automation and digitalization within mining and metallurgy operations will likely drive the demand for technologically advanced pelletizers offering enhanced efficiency and operational control. This trend will necessitate continuous investments in research and development by market players to maintain their competitive edge. The long-term outlook remains positive, driven by the consistent demand for steel and the inherent advantages of using iron ore pellets in steelmaking.

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.