Madhumitha Jaganmohan
Research expert covering climate and environmental sustainability
Global iron ore mining industry - statistics & facts
Iron is the most widely utilized metal globally, serving as a foundational component in critical industries such as construction, engineering, automotive, and machinery, primarily in the form of steel. Consequently, the availability of iron ore is a crucial element for the global economy. Based on the production of usable iron ore, the two leading iron ore producers in the world were Australia and Brazil in 2023. Australia produced an estimated 960 million metric tons of iron ore, while Brazil's production came to an estimated 440 million metric tons that year.
Iron ore mining companies
Accordingly, the world’s largest companies involved in iron ore mining are from these two leading producer countries, and all of the ten leading iron ore-producing mines in the world are also located in Australia and Brazil. Brazilian mining company Vale S.A.'s iron ore production amounted to 321 million metric tons in 2023. Anglo-Australian mining companies Rio Tinto and BHP complete the world’s leading three iron ore producers. Rio Tinto's iron ore production amounted to 290 million metric tons in 2023, while BHP's iron ore production was over 257 million metric tons.Iron ore traders
While Australia and Brazil are the top exporters of iron ore, China is by far the world's largest iron ore importing country. As is the case for many other commodities as well, Chinese demand significantly defines the global iron ore market. Nearly two-thirds of global iron ore exports go to China – over one billion metric tons. In comparison to that, the United States consumed only about 36 million metric tons of iron ore in 2023, while total U.S. iron ore shipments stood at about 45 million metric tons.Iron ore prices: on the rise again
Prices of iron ore showed an average increase between 2005 and 2011, before decreasing considerably in 2015. The price of iron ore reached a record high in 2011, when the average price was 168 U.S. dollars. In 2023, the iron ore price stood at 120.57 U.S. dollars per dry metric ton unit. As of May 2024, the monthly iron ore price sat at about 118.88 U.S. dollars per dry metric ton. It reached a peak of 214.43 U.S. dollars per dry metric ton in June 2021. Furthermore, iron ore prices are anticipated to fall in the coming years owing to slower demand growth and increased supply.
