Iron ore is a rock or mineral substance that is heated in the presence of a reductant to extract metallic iron. They are rich in iron oxide and appear in colors ranging from dark grey to bright yellow, deep purple, or rusty red. Iron ores containing high quantities of magnetite and hematite are called natural ore. Approximately 98% of the total iron and iron ore is used in the steel-making process, while the remaining 2% (powdered iron) is utilized in the cosmetic, plastic, and medicinal industries. Steel is the most commonly used alloy in the world because it is cost-efficient and long-lasting. That is why it is a perfect raw material for constructing bridges, machines, cars, etc. The uses of steel can further be extended by recycling steel scrap, which doesn't lose its properties after recycling. This, in turn, is what forms a strong industrial base. The iron ore mining industry is dominated by countries like Australia and Brazil.
The first existence of steel, and hence, the existence of iron ore, dates back to the 11th century BC. Archaeologists found various materials that proved that steel knives were already being made in this period in Cyprus. Most iron ore was obtained from bog ore or goethite during the American Revolution and the Napoleonic Wars. After that, in the 3rd century BC, South Indian craftsmen started being famous for producing steel by dissolving wrought iron with charcoal. Nowadays, the Hydrogen-based direct reduction (Hybrit) has made the steelmaking process much easier and environmentally sustainable. This technique emits much less carbon dioxide than what was emitted by relying on coke and coal. Therefore, the iron ore price today is justifiable, considering the development in steel production methods and its industrial significance.
Without iron ore, the industrial economy would starve, as the infrastructure development, construction, and automotive manufacturing industries depend heavily on iron ore for producing steel. As a result, a country's economic status is highly influenced by iron ore. To boost their economy and development, a lot of nations rely on the global trade industry to get iron ore from the leading iron ore-producing countries. India is one such country, which has over 79% of haematite (in Assam, Bihar, Jharkhand, and Odisha) and 93% of magnetite ore (in Andhra Pradesh, Tamil Nadu, and Kerala). The global steel production is all set to rise by 1 to 2% per year in the next decade.
One of the major reasons why the production and trading of iron ore is increasing is that the developing countries are taking the infrastructure development of their countries very seriously. They're making better roads, airports, and railways, requiring more iron ore for producing steel. Moreover, the technologies used for the production of steel are also shifting towards better alternatives. One such alternative method is the use of Electric Arc Furnaces (EAFs), which are not only used in the steel production process, but also for recycling iron or steel scrap.
The Hematite segment of iron ore is also increasing the global iron ore trade. It is more abundant than any other iron ore type and has higher reducibility and porosity than magnetite ore. Even the extraction process of this iron ore is much simpler and requires fewer complex processing methods. In the coming years, the export of seaborne iron ore is expected to increase significantly. Amidst the anticipated mine depletion and declining iron ore grades in Australia, it is still expected to grow silently as one of the top exporters of iron ore.
Global iron ore buyers consider some specific quality criteria before finalizing a deal with an exporter. Therefore, it is crucial to ensure that your iron ore aligns with what the global trade market is requiring. Some of those quality standards are as follows:
As an exporter of Iron ore, there are multiple products that you can add to your exporting business. Selling those products will help you build a strong presence in the global trade market and maximize your profit margins. Here are a few products you can add:
The data that could significantly help you want to go into the business of global trading with iron are as follows:
Source: Grand View Research
Top Importing Countries for Iron Ore (2024):
Source: Volza
There are various methods you can use to find multiple verified global iron ore buyers, looking for different types of iron ore. You also use these methods to bring your iron ore into your local markets as well. Here are those platforms that could help you:
1. B2B platforms: Sign up on B2B platforms, such as go4WorldBusiness. Here, you can sign up as a seller of iron ore for free and have access to an unlimited number of verified iron ore buyers. If you’re searching for any specific type of buyers, you can simply use the search bar and type the kind of buyer you’re looking for, such as “iron ore pellets buyers” or “haematite ore buyers”.
2. Trade fairs: You can attend a lot of international trade fairs which are centered around ores, minerals, or metals. Some of those are the Singapore Iron Ore Forum, METEC, Saudi International Iron & Steel Conference, and others. These trade exhibitions let you meet a lot of buyers who are interested in buying various iron ore or related products.
3. Steel producing facilities: This is to sell your iron ore locally. You can visit any steel-producing facility near you and sell your iron ore or related products to them. Sometimes, they also have a lot of connections to the global trade market and can introduce you to potential buyers of iron ore.
4. Social media and LinkedIn: Whether you want to sell locally or trade globally, having a social media account for your iron ore exporting business is very important. You can follow all the relevant people from the trading industry and also showcase your iron ore’s quality through videos and photos. This gives the impression that you’re active in your business and are waiting to find reliable buyers.
1. Who is the top buyer of iron ore?
China is the top buyer of iron ore in the world.
2. How much is 1 tonne of iron ore worth?
1 tonne of iron ore is currently priced at ?6,440 in India. However, this varies greatly depending on the market conditions, grade, and quality of iron ore.
3. Is iron ore in high demand?
Yes, it is. Iron ore is in high demand all over the world because of the expanding industry of steel production.
4. Who is the biggest consumer of iron ore?
The biggest consumer of iron ore is China.
5. Who needs iron ore?
Countries that want to expand their steel production industry usually require a lot of iron ore. Some of those countries are China, Kenya, and Nepal.
6. Which iron ore is best?
Hematite and magnetite are usually considered the best type of iron ore. This is due to the high iron content present in these iron ores.
7. What are the 4 types of iron ore?
Hematite, magnetite, limonite, and siderite are the 4 types of iron ore.
8. What is the purest form of iron?
The purest form of iron is wrought iron, as it does not have many impurities like copper.
9. Does India import iron ore?
Yes, India imports a lot of iron ore. In the first four months of 2025, it imported approximately 2.88 million tons of iron ore.
10. How to check iron quality?
To check the quality of iron, you can perform various physical and laboratory tests. Keep a close look at the iron content and impurities present in them.
11. What is the color of pure iron?
Pure iron is usually silvery-white in color. However, this color might change depending on the presence of oxidation and surface finish.
12. How to export iron ore from India?
To be able to export iron ore from India, you will need to do the following things:
13. What is India's rank in iron ore export?
India ranks in fifth position in the iron ore export business.
14. What is the iron ore HSN code?
2601 is the HSN code for iron ore.
15. What are the different methods for processing iron ore?
Beneficiation, ironmaking, and agglomeration are a few methods for processing iron ore.
16. Which country is famous for iron ore?
Australia is the most famous country for iron ore.
17. How to find buyers for iron ore?
You can find buyers of iron ore through various methods, such as B2B platforms (go4WorldBusiness), trade exhibitions (Singapore Iron Ore Forum, UK Metals Expo, and others), and even social media sites.
Vale’s iron ore production in the Q2 of 2025 stood at 83.6 million MT, witnessing a year-on-year growth of 3.7%. (Full story: Reuters)
