Key Market Indicators
**Russian Iron Ore Export Forecast to Reach $1.6 Billion by 2028** The Russian iron ore export market is projected to hit approximately $1.64 billion by 2028, up from around $1.59 billion in 2023, marking a modest annual growth rate of 0.5%. However, since 2001, the country's iron ore supply has experienced a slight decline, averaging a 0.2% decrease each year. In 2023, Russia ranked seventh in global iron ore exports, with Sweden surpassing it by reaching the same value of $1.59 billion. Leading the rankings were Brazil, Canada, and South Africa, holding the second, third, and fourth spots, respectively. **Russian Iron Ore Import Expected to Decline Slightly** Meanwhile, Russian iron ore imports are expected to dip to about $452 million by 2028, down from approximately $464 million in 2023. This represents an average annual decrease of 0.4%. Since 2001, Russian demand for iron ore has remained relatively stable, showing no significant year-on-year change. In 2023, Russia was the 25th largest importer of iron ore, with Italy ahead at the same value of $464 million. Japan, South Korea, and Germany were the second, third, and fourth largest importers, respectively.
