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720310 (Harmonized System 1992 for 6-digit)

2023
World Trade $4.95BRnk 736 / 4644
2023
Top Exporter | Top Importer $910M | $989MRussia | Saudi Arabia
2023
Product Complexity -1.37Rnk 4158 / 4656
2022 - 2023
Export Growth (CAGR) -30.5%Rnk 4237 / 4644
2023
Share of World Trade 0.022%Rnk 736 / 4644

About

Overview This page contains the latest trade data of Ferrous products from direct reduction of iron ore. In 2023, Ferrous products from direct reduction of iron ore were the world's 736th most traded product, with a total trade of $4.95B. Between 2022 and 2023 the exports of Ferrous products from direct reduction of iron ore decreased by -30.5%, from $7.12B to $4.95B. 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 2023 the top exporters of Ferrous products from direct reduction of iron ore  were Russia ($910M), India ($684M), Trinidad and Tobago ($617M), Bahrain ($338M), and Sweden ($308M).

Imports In 2023 the top importers of Ferrous products from direct reduction of iron ore were Saudi Arabia ($989M), United States ($596M), Oman ($480M), Italy ($334M), and Nepal ($309M).

Ranking Ferrous products from direct reduction of iron ore ranks 4158th 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 (2023)Russia$910M
Top Destination (2023)Saudi Arabia$989M

In 2023 Ferrous products from direct reduction of iron ore were the world's 736th most traded product (out of 4,644).

In 2023, the top exporters of Ferrous products from direct reduction of iron ore were Russia ($910M), India ($684M), Trinidad and Tobago ($617M), Bahrain ($338M), and Sweden ($308M).

In 2023, the top importers of Ferrous products from direct reduction of iron ore were Saudi Arabia ($989M), United States ($596M), Oman ($480M), Italy ($334M), and Nepal ($309M).

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Exporters of Ferrous products from direct reduction of iron ore (2023)
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Importers of Ferrous products from direct reduction of iron ore (2023)
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Market Dynamics

Color
Top Origin Growth (2022 -  2023)India$194M
Top Destination Growth (2022 -  2023)India$219M

Between 2022 and 2023, the exports of Ferrous products from direct reduction of iron ore grew the fastest in India ($194M), Vietnam ($167M), United Arab Emirates ($80.4M), Saudi Arabia ($11.8M), and Uganda ($11.5M).

Between 2022 and 2023, the fastest growing importers of Ferrous products from direct reduction of iron ore were India ($219M), Oman ($180M), Nepal ($50.2M), Turkey ($43.6M), and Kenya ($12M).

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Exporters of Ferrous products from direct reduction of iron ore (2022 - 2023)

Importers of Ferrous products from direct reduction of iron ore (2022 - 2023)

Market Concentration

Value

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

In 2023, market concentration measured using Shannon Entropy, was 3.9. This means that most of the exports of Ferrous products from direct reduction of iron ore are explained by 14 countries.

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

Net Trade

TOP NET EXPORTER (2023)Russia$910M
TOP NET IMPORTER (2023)Saudi Arabia$977M

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 2023.

In 2023, the countries that had a largest trade value in exports than in imports of Ferrous products from direct reduction of iron ore were Russia ($910M), Trinidad and Tobago ($617M), India ($429M), Bahrain ($338M), and Sweden ($307M).

In 2023, the countries that had a largest trade value in imports than in exports of Ferrous products from direct reduction of iron ore were Saudi Arabia ($977M), Italy ($316M), United States ($292M), Turkey ($250M), and Oman ($218M).

Net Trade (2023)

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 (2023)

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