Key Market Indicators
Canadian iron ore exports are projected to hit approximately $6.2 billion by 2028, up from around $5.3 billion in 2023. This represents an average annual growth rate of 2.3%. Since 1994, Canada's iron ore supply has grown at an average rate of 5.4% per year. In 2023, Canada ranked third in global iron ore exports. Brazil led the rankings, followed by Canada and then South Africa. On the import side, Canadian iron ore imports are expected to reach about $856 million by 2028, rising from roughly $797 million in 2023. This marks an average yearly growth rate of 1.1%. Since 1994, Canadian demand for iron ore has grown at an average rate of 1% per year. In 2023, Canada was the tenth-largest importer of iron ore globally, with Saudi Arabia ranking just ahead. Japan, South Korea, and Germany occupied the second, third, and fourth spots, respectively.