Key Market Indicators
**British Iron Ore Imports Projected to Decline by 2028** LONDON - British iron ore imports are projected to decline significantly, reaching approximately $505 million by 2028 from around $634 million in 2023. This marks an annual decline rate of 3.6%, according to recent market analysis. Since 1998, the demand for iron ore in the UK has been on a steady decline, averaging a 4.1% drop each year. In the global ranking for 2023, the UK holds the 17th position in terms of iron ore imports. The United States has surpassed the UK, with imports amounting to roughly $634 million. Japan, South Korea, and Germany have secured the second, third, and fourth positions, respectively. In contrast, British iron ore exports showed a notable increase in 2018, reaching over $1.1 million from about $770,000 in 2017, reflecting a 45.1% year-on-year growth. However, since 1998, the UK's iron ore supply has experienced a significant annual decline of 30.2%.
