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Ferrous products obtained by direct reduction of iron ore and other spongy ferrous products, in lumps, pellets or the like; iron having a minimum purity of 99.94%, in lumps, pellets or similar forms

7203 (Harmonized System 1992 for 4-digit)

2023
World Trade $5.34BRnk 518 / 1217
2023
Top Exporter | Top Importer $910M | $1.02BRussia | Saudi Arabia
2023
Product Complexity -1.18Rnk 904 / 1044
2022 - 2023
Export Growth (CAGR) -29.2%Rnk 1147 / 1217
2023
Share of World Trade 0.024%Rnk 518 / 1217

About

Overview This page contains the latest trade data of Iron Reductions. In 2023, Iron Reductions were the world's 518th most traded product, with a total trade of $5.34B. Between 2022 and 2023 the exports of Iron Reductions decreased by -29.2%, from $7.54B to $5.34B. Trade in Iron Reductions represent 0.024% of total world trade.

Iron Reductions are a part of Iron & steel. They include Ferrous products from direct reduction of iron ore and Spongy iron lumps, pellets, etc > 99.94% pure.

Exports In 2023 the top exporters of Iron Reductions  were Russia ($910M), India ($701M), Trinidad and Tobago ($617M), United States ($545M), and Bahrain ($338M).

Imports In 2023 the top importers of Iron Reductions were Saudi Arabia ($1.02B), United States ($601M), Oman ($481M), Italy ($365M), and Nepal ($309M).

Ranking Iron Reductions ranks 904th in the Product Complexity Index (PCI).

Description Ferrous products obtained by direct reduction of iron ore and other spongy ferrous products, in lumps, pellets or similar forms are used to make steel. Iron having a minimum purity by weight of 99.94% is used to make stainless steel.

Latest Trends

Latest Data

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The following visualization shows the latest trends on Iron Reductions. 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$1.02B

In 2023 Iron Reductions were the world's 518th most traded product (out of 1,217).

In 2023, the top exporters of Iron Reductions were Russia ($910M), India ($701M), Trinidad and Tobago ($617M), United States ($545M), and Bahrain ($338M).

In 2023, the top importers of Iron Reductions were Saudi Arabia ($1.02B), United States ($601M), Oman ($481M), Italy ($365M), and Nepal ($309M).

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

Color
Top Origin Growth (2022 -  2023)India$209M
Top Destination Growth (2022 -  2023)Oman$174M

Between 2022 and 2023, the exports of Iron Reductions grew the fastest in India ($209M), Vietnam ($167M), United Arab Emirates ($80.4M), Libya ($33.2M), and China ($22.7M).

Between 2022 and 2023, the fastest growing importers of Iron Reductions were Oman ($174M), India ($170M), Nepal ($50.2M), Mexico ($24.4M), and Brazil ($22.5M).

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Exporters of Iron Reductions (2022 - 2023)

Importers of Iron Reductions (2022 - 2023)

Market Concentration

Value

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

In 2023, market concentration measured using Shannon Entropy, was 3.95. This means that most of the exports of Iron Reductions are explained by 15 countries.

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Value of Exports in Iron Reductions

Net Trade

TOP NET EXPORTER (2023)Russia$910M
TOP NET IMPORTER (2023)Saudi Arabia$1.01B

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

In 2023, the countries that had a largest trade value in exports than in imports of Iron Reductions were Russia ($910M), Trinidad and Tobago ($617M), India ($445M), Bahrain ($337M), and Sweden ($307M).

In 2023, the countries that had a largest trade value in imports than in exports of Iron Reductions were Saudi Arabia ($1.01B), Italy ($344M), Turkey ($275M), Oman ($214M), and Kuwait ($205M).

Net Trade (2023)

Disaggregation

Value

In 2023, the world most traded Iron Reductions, disaggragated by their HS6 level were Ferrous products from direct reduction of... ($4.95B) and Spongy iron lumps, pellets, etc >... ($390M)

HS6 Disaggregation for Iron Reductions (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 Reductions.
It is possible to select the main countries that export or import Iron Reductions in the world, or by continent, as well as select the measure of interest.

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

Potential Exports

Potential Exports

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TOP EXPORT POTENTIALGermany+ $4.45M
TOP IMPORT POTENTIALUnited States+ $11.6k

Iron Reductions’s highest export potential is Germany. With an export gap of $4.45M.  Iron Reductions’s highest import potential is United States with an import gap of $11.6k.

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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 Reductions.

Country by Relatedness

The following visualization shows the relatedness of Iron Reductions 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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