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Pricing

Iron ores and concentrates; including roasted iron pyrites

2601 (Harmonized System 1992 for 4-digit)

2023
World Trade $162BRnk 18 / 1217
2023
Top Exporter | Top Importer $85.4B | $112BAustralia | China
2023
Product Complexity -2.02Rnk 1012 / 1044
2022 - 2023
Export Growth (CAGR) -7.84%Rnk 668 / 1217
2023
Share of World Trade 0.72%Rnk 18 / 1217

About

Overview This page contains the latest trade data of Iron Ore. In 2023, Iron Ore were the world's 18th most traded product, with a total trade of $162B. Between 2022 and 2023 the exports of Iron Ore decreased by -7.84%, from $175B to $162B. Trade in Iron Ore represent 0.72% of total world trade.

Iron Ore are a part of Ores, slag and ash. They include Unagglomerated Iron Ore Concentrate (Excl. Iron Pyrites), Agglomerated Iron Ore Concentrates (excl. Pyrites), and Roasted iron pyrites.

Exports In 2023 the top exporters of Iron Ore  were Australia ($85.4B), Brazil ($34B), Canada ($7.23B), South Africa ($6.93B), and India ($3.87B).

Imports In 2023 the top importers of Iron Ore were China ($112B), Japan ($9.3B), South Korea ($7.07B), Germany ($3.29B), and Chinese Taipei ($2.29B).

Ranking Iron Ore ranks 1012th in the Product Complexity Index (PCI).

Description Iron ores are used in the production of steel. Iron concentrates are used in the production of pig iron. Roasted iron pyrites is used in the production of sulfuric acid.

Latest Trends

Latest Data

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The following visualization shows the latest trends on 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)Australia$85.4B
Top Destination (2023)China$112B

In 2023 Iron Ore were the world's 18th most traded product (out of 1,217).

In 2023, the top exporters of Iron Ore were Australia ($85.4B), Brazil ($34B), Canada ($7.23B), South Africa ($6.93B), and India ($3.87B).

In 2023, the top importers of Iron Ore were China ($112B), Japan ($9.3B), South Korea ($7.07B), Germany ($3.29B), and Chinese Taipei ($2.29B).

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Exporters of Iron Ore (2023)
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Importers of Iron Ore (2023)
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Market Dynamics

Color
Top Origin Growth (2022 -  2023)India$1.91B
Top Destination Growth (2022 -  2023)Malaysia$251M

Between 2022 and 2023, the exports of Iron Ore grew the fastest in India ($1.91B), Iran ($965M), Brazil ($583M), Sierra Leone ($301M), and Philippines ($223M).

Between 2022 and 2023, the fastest growing importers of Iron Ore were Malaysia ($251M), India ($236M), Indonesia ($233M), Qatar ($121M), and Russia ($120M).

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Exporters of Iron Ore (2022 - 2023)

Importers of Iron Ore (2022 - 2023)

Market Concentration

Value

This chart shows the evolution of the market concentration of exports of Iron Ore.

In 2023, market concentration measured using Shannon Entropy, was 2.56. This means that most of the exports of Iron Ore are explained by 5 countries.

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Value of Exports in Iron Ore

Net Trade

TOP NET EXPORTER (2023)Australia$85.2B
TOP NET IMPORTER (2023)China$112B

This map shows which countries export or import more of Iron Ore. Each country is colored based on the difference in exports and imports of Iron Ore during 2023.

In 2023, the countries that had a largest trade value in exports than in imports of Iron Ore were Australia ($85.2B), Brazil ($33.9B), South Africa ($6.93B), Canada ($6.43B), and India ($3.42B).

In 2023, the countries that had a largest trade value in imports than in exports of Iron Ore were China ($112B), Japan ($9.3B), South Korea ($7.03B), Germany ($3.11B), and Chinese Taipei ($2.29B).

Net Trade (2023)

Disaggregation

Value

In 2023, the world most traded Iron Ore, disaggragated by their HS6 level were Unagglomerated Iron Ore Concentrate (Excl. Iron... ($142B), Agglomerated Iron Ore Concentrates (excl. Pyrites) ($19.4B), and Roasted iron pyrites ($532M)

HS6 Disaggregation for Iron Ore (2023)
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Country Comparison

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Ranking

This visualization shows the countries that have an important ratio of their trade related to Iron Ore.
It is possible to select the main countries that export or import Iron Ore in the world, or by continent, as well as select the measure of interest.

Top 10 Exporters Countries of Iron Ore by percentage of total exports

Potential Exports

Potential Exports

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TOP EXPORT POTENTIALMalaysia+ $112M
TOP IMPORT POTENTIALChina+ $4.69M

Iron Ore’s highest export potential is Malaysia. With an export gap of $112M.  Iron Ore’s highest import potential is China with an import gap of $4.69M.

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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)

Related Products

This visualization shows products that are likely to be exported by countries that export Iron Ore.

Country by Relatedness

The following visualization shows the relatedness of Iron Ore to countries. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Relative Relatedness by Country (2023)

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