Key Market Indicators
Iceland's iron ore imports experienced a significant decline in 2023, dropping to approximately $620,000 from around $810,000 in 2022. This 23% decrease marks a notable reduction in the country's demand for the commodity compared to the previous year. Long-term trends also indicate a downward trajectory, with Iceland's iron ore demand falling by nearly 18% annually since 1993. As of 2023, Iceland ranked 48th globally in iron ore imports, having been surpassed by Paraguay. In the global rankings, Japan, South Korea, and Germany held the second, third, and fourth positions, respectively, in terms of iron ore imports.
