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720310 (Harmonized System 1992 for 6-digit)

2022
World Trade $5.1BRnk 746 / 4648
2022
Top Exporter | Top Importer $1.22B | $881MRussia | United States
2022
Product Complexity -1.23Rnk 4046 / 4653
2021 - 2022
Export Growth (CAGR) -17.3%Rnk 4249 / 4648
2022
Share of World Trade 0.022%Rnk 746 / 4648

About

Overview This page contains the latest trade data of Ferrous products from direct reduction of iron ore. In 2022, Ferrous products from direct reduction of iron ore were the world's 746th most traded product, with a total trade of $5.1B. Between 2021 and 2022 the exports of Ferrous products from direct reduction of iron ore decreased by -17.3%, from $6.17B to $5.1B. Trade in Ferrous products from direct reduction of iron ore represent 0.022% of total world trade.

Ferrous products from direct reduction of iron ore are a part of Iron Reductions.

Exports In 2022 the top exporters of Ferrous products from direct reduction of iron ore  were Russia ($1.22B), Trinidad and Tobago ($872M), Qatar ($625M), India ($470M), and United States ($399M).

Imports In 2022 the top importers of Ferrous products from direct reduction of iron ore were United States ($881M), Kuwait ($767M), Italy ($407M), China ($380M), and South Korea ($259M).

Ranking Ferrous products from direct reduction of iron ore ranks 4046th in the Product Complexity Index (PCI).

Description Steel is usually made by taking iron ore and heating it in an electric furnace. The iron is heated to the point of melting and becomes a liquid. The heat makes it react with carbon to make a new metal, steel.

Latest Trends

Latest Data

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The following visualization shows the latest trends on Ferrous products from direct reduction of iron ore. Countries are shown based on data availability.

For a full breakdown of trade patterns, visit the trend explorer or the product in country profile.

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* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Historical Data

Exporters and Importers

Top Origin (2022)Russia$1.22B
Top Destination (2022)United States$881M

In 2022 Ferrous products from direct reduction of iron ore were the world's 746th most traded product (out of 4,648).

In 2022, the top exporters of Ferrous products from direct reduction of iron ore were Russia ($1.22B), Trinidad and Tobago ($872M), Qatar ($625M), India ($470M), and United States ($399M).

In 2022, the top importers of Ferrous products from direct reduction of iron ore were United States ($881M), Kuwait ($767M), Italy ($407M), China ($380M), and South Korea ($259M).

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Exporters of Ferrous products from direct reduction of iron ore (2022)
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Importers of Ferrous products from direct reduction of iron ore (2022)
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Market Dynamics

Color
Top Origin Growth (2021 -  2022)Qatar$571M
Top Destination Growth (2021 -  2022)Kuwait$613M

Between 2021 and 2022, the exports of Ferrous products from direct reduction of iron ore grew the fastest in Qatar ($571M), Malaysia ($220M), United States ($203M), India ($196M), and Trinidad and Tobago ($67.6M).

Between 2021 and 2022, the fastest growing importers of Ferrous products from direct reduction of iron ore were Kuwait ($613M), Nepal ($143M), South Korea ($141M), Turkey ($109M), and Uzbekistan ($80.1M).

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Exporters of Ferrous products from direct reduction of iron ore (2021 - 2022)

Importers of Ferrous products from direct reduction of iron ore (2021 - 2022)

Market Concentration

Value

This chart shows the evolution of the market concentration of exports of Ferrous products from direct reduction of iron ore.

In 2022, market concentration measured using Shannon Entropy, was 3.54. This means that most of the exports of Ferrous products from direct reduction of iron ore are explained by 11 countries.

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Value of Exports in Ferrous products from direct reduction of iron ore

Net Trade

TOP NET EXPORTER (2022)Russia$1.22B
TOP NET IMPORTER (2022)Kuwait$753M

This map shows which countries export or import more of Ferrous products from direct reduction of iron ore. Each country is colored based on the difference in exports and imports of Ferrous products from direct reduction of iron ore during 2022.

In 2022, the countries that had a largest trade value in exports than in imports of Ferrous products from direct reduction of iron ore were Russia ($1.22B), Trinidad and Tobago ($872M), Qatar ($624M), India ($431M), and Malaysia ($363M).

In 2022, the countries that had a largest trade value in imports than in exports of Ferrous products from direct reduction of iron ore were Kuwait ($753M), United States ($483M), Italy ($386M), China ($349M), and South Korea ($259M).

Net Trade (2022)

Country Comparison

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Ranking

This visualization shows the countries that have an important ratio of their trade related to Ferrous products from direct reduction of iron ore.
It is possible to select the main countries that export or import Ferrous products from direct reduction of iron ore in the world, or by continent, as well as select the measure of interest.

Top 10 Exporters Countries of Ferrous products from direct reduction of iron ore by percentage of total exports

Product Complexity

Diversification Frontier

Specialization

The Complexity-Relatedness diagram compares the risk and the strategic value of a product's potential export opportunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth potential, lower income inequality, and lower emissions.

Relatedness vs Country Complexity (2022)

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