Global Iron Ore Trends in 2024
Iron Ore is part of Metals and includes a number of sub-sectors such as Seaborne Iron Ore. You may also be interested in Non-Ferrous Metal.
Global iron ore imports are projected to reach approximately $114 billion by 2028, up from around $116 billion in 2023. This represents an average annual growth rate of 0.4%. Since 2019, global demand for iron ore has increased by an average of 1.5% per year. In 2023, China led the world in iron ore imports, accounting for nearly $81.5 billion. Following China, Japan, South Korea, and Germany ranked second, third, and fourth respectively. Notably, Bosnia and Herzegovina saw a dramatic increase of 152.8% year-on-year, while Lebanon experienced a significant decline of 44.5% since 2019. On the export side, global iron ore exports are anticipated to hit around $101 billion by 2028, from about $103 billion in 2023, growing at an average annual rate of 0.6%. Since 2019, global iron ore supply has risen by 1.7% per year. Australia topped the list of iron ore exporters in 2023 with exports valued at approximately $52.6 billion. Brazil, Canada, and South Africa followed in second, third, and fourth places respectively. Egypt recorded an impressive year-on-year increase of 182.9%, while Italy saw a decrease of 42.2% since 2019.
Top 10 countries
In 2024 major markets in the Iron Ore Industry were:
World Iron Ore Market Data and Forecasts
How much the Iron Ore industry is expected to grow to 2028?
World Iron Ore Top Rankings
Global Iron Ore Statistics
- Shipping Freight Volume 66 countries (Western Europe, Europe, Germany...)
- Iron Ore Production 42 countries (Europe, Western Europe, Germany...)
- Iron Ore Import 163 countries (Europe, Africa, Asia...)
- Number Of Enterprises 66 countries (Europe, Northern Europe, Southern Europe...)
- Iron Ore Export 128 countries (Europe, Southern Europe, Eastern Europe...)
- Iron Import 192 countries (Europe, Africa, Sub-Saharan Africa...)
- Iron Export 188 countries (Europe, Southern Europe, Eastern Europe...)
- Metal Products Import 192 countries (Africa, Sub-Saharan Africa, Asia...)
- Labour Utilisation 97 countries (Europe, Northern Europe, Eastern Europe...)
- Metal Products Export 190 countries (Asia, Africa, Latin America...)