Key Market Indicators
**Japanese Iron Ore Import Projected to Fall by 2028** Japan's iron ore imports are projected to decline to approximately $9.9 billion by 2028, down from around $10.1 billion in 2023, representing a 0.4% annual decrease, according to recent forecasts. Despite this anticipated drop, Japan has experienced a 1.7% yearly increase in demand for iron ore since 1993. In 2023, Japan held the second position globally in iron ore imports, just behind China, which led with the same import value of around $10.1 billion. South Korea and Germany followed Japan, securing the third and fourth positions, respectively. **Japanese Iron Ore Exports Expected to Decrease Significantly** Japan's iron ore exports are expected to significantly decrease to roughly $55,000 by 2028, down from about $73,000 in 2023. This decline translates to an average annual reduction of 4.4%. Historically, since 1993, Japan's iron ore supply has consistently fallen by 7.3% each year. In 2023, Japan ranked 39th in the world for iron ore exports, with Switzerland just ahead at the same export value of around $73,000. Brazil, Canada, and South Africa occupied the second, third, and fourth positions, respectively, in this global ranking.