Top 10 Iron Ore-producing Countries | Commodities
Iron ore costs have displayed volatility up to now half decade because the world has handled the financial uncertainty surrounding COVID-19 lockdowns, the Russia-Ukraine battle, ongoing conflicts within the Middle East and rising trade tensions.Prices for the bottom metallic reached a document high of over US$220 per metric ton (MT) in May 2021, however that stage would not maintain for long as decrease demand from China alongside rising provide ranges induced costs to dropped drastically in late 2021.
Iron ore costs rebounded to trade within the US$120 to US$130 vary in 2023, spurred on by provide points in Australia and Brazil, in addition to the Russia-Ukraine battle; greater export duties in India and renewed demand from China have additionally contributed to the commodity’s greater costs. However, that constructive sentiment within the iron ore market evaporated in 2024 as the worldwide financial outlook weakened on greater rates of interest, decrease demand and challenges in China’s property sector. After beginning the yr at a high of US$144 per MT, iron ore costs slid to complete out the yr at about US$95. A cyclical rebound in Chinese metal manufacturing in Q1 2025 did handle to push costs for the metallic back above US$100 again to briefly contact US$107 per MT in February. However, in Q2 2025, China’s financial woes, a growing surplus in iron mine provide and metal and aluminum tariffs have been liable for pressuring iron ore costs back down beneath US$95 as of late June.”Geopolitical tensions have spurred some nations to discover various sources of iron ore, raising the profile of new geographic markets,” stories Fastmarket in its June 2025 iron ore market outlook. “The emergence of resource nationalism, where governments exert greater control over mineral resources, is further complicating trade. Policy changes in iron ore-consuming regions, driven by trade tensions and domestic priorities, have led to adjustments in global supply chains.”To higher perceive the dynamics of the iron ore market, it is useful to know which nations are main producers. With that in thoughts, these are the highest 10 for iron ore manufacturing by nation in 2024, utilizing the latest information offered by the US Geological Survey. Production information for public firms is sourced from the mining database MDO.
1. Australia
Usable iron ore: 930 million metric tons
Iron content material: 580 million metric tonsAustralia is the most important iron producing nation by far, with usable iron ore manufacturing of 930 million metric tons in 2024. Australia’s main iron ore producer is BHP Group (ASX:BHP,LSE:BHP,NYSE:BHP), and Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and Fortescue (ASX:FMG,OTCQX:FSUMF) are additionally giant iron producers.The Pilbara area is essentially the most notable iron ore jurisdiction in Australia, if not the world. In truth, Rio Tinto calls its Pilbara Blend “the world’s most recognised brand of iron ore.” One of the company’s iron producing operations within the area is Hope Downs iron ore complicated, a 50/50 three way partnership with Gina Rinehart’s Hancock Prospecting. The complicated hosts 4 open-pit mines with an annual manufacturing capability of 47 million metric tons. In June 2025, the companions introduced a mixed investment of US$1.6 billion to develop the Hope Downs 2 iron ore project, a half of the principle JV. The project hosts the Hope Downs 2 and Bedded Hilltop deposits, which collectively may have a whole annual manufacturing capability of 31 million metric tons.As for BHP, the main iron miner’s Western Australia Iron Operations three way partnership comprise 5 mining hubs and 4 processing hubs. One such hub is Area C, which hosts eight open-cut mining areas alone. The company additionally has an working 85 % curiosity within the Newman iron operations.
2. Brazil
Usable iron ore: 440 million metric tons
Iron content material: 280 million metric tons
In Brazil, iron manufacturing totaled 440 million metric tons of usable iron ore in 2024. The largest iron ore districts within the nation are the states of Pará and Minas Gerais, which collectively account for 98 % of Brazil’s annual iron ore output. Pará is home to the most important iron ore mine within the world, Vale’s (NYSE:VALE) Carajas mine. Headquartered in Rio de Janeiro, Vale is the world’s greatest producer of iron ore pellets.Vale introduced plans in February 2025 to make important investments in growing its manufacturing at Carajas by 13 % by 2030.
3. China
Usable iron ore: 270 million metric tons
Iron content material: 170 million metric tons
China’s iron manufacturing amounted to 270 million metric tons of usable iron ore in 2024. The Asian nation is the world’s largest client of iron ore, regardless of being the third largest iron-producing nation. China’s prime producing iron ore mine is the Dataigou iron mine in Laioning province, with manufacturing of 9.07 million metric tons in 2023. The underground mine is owned by Glory Harvest Group Holdings.With China being the world’s largest producer of chrome steel, its home provide just isn’t enough to satisfy demand. The nation imports over 75 % of international seaborne iron ore as of mid-2025.
3. India
Usable iron ore: 270 million metric tons
Iron content material: 170 million metric tonsIndia’s iron manufacturing for 2024 totaled 270 million metric tons of usable iron ore, tying for third place with China.
India’s largest iron ore miner, NMDC (NSE:NMDC), operates the Bailadila mining complexes in Chhattisgarh state and the Donimalai and Kumaraswamy mines in Karnataka state. NMDC hit a manufacturing milestone in 2021 of 40 million metric tons per yr, the primary such company to take action within the nation. NMDC is concentrating on an annual manufacturing fee of 100 million metric tons by 2030.
5. Russia
Usable iron ore: 91 million metric tons
Iron content material: 53 million metric tonsRussia’s iron ore manufacturing got here in at 91 million metric tons in 2024, making it the fifth largest iron-producing nation within the world. The area of Belgorod Oblast is home to 2 of the nation’s greatest iron ore producing mines: Metalloinvest’s Lebedinsky GOK, which in 2023 produced an estimated 22.05 million metric tons of iron ore; and Novolipetsk Steel’s Stoilensky GOK, which that very same yr produced an estimated 19.56 million metric tons of iron ore.In response to critical financial sanctions on the nation over its aggressive battle towards Ukraine, Russia’s iron ore exports fell dramatically in 2022 to 84.2 million metric tons from 96 million metric tons within the earlier yr. Together, these two nations beforehand accounted for 36 % of international iron or non-alloy metal exports. The European Union has restricted imports of Russian iron ore.
Last yr, imports of iron ore from Russia to the EU seemingly fell off a cliff, dropping from 332,300 tons to 9,360 tons.
6. Iran
Usable iron ore: 90 million metric tons
Iron content material: 59 million metric tonsIran surpassed 90 million metric tons in iron manufacturing within the type of usable iron ore in 2024. The nation’s iron output has been on the rise in recent times — now in sixth place, it was the eighth highest iron producer in 2022 and the tenth in 2021. One of Iran’s most important iron ore mines is Gol-e-Gohar in Kerman province, which can also be the nation’s prime producer. During the March 2024 to January 2025 period, the nation’s main mining firms’ mixed iron pellet manufacturing reportedly elevated by 7 % year-over-year.The nation’s iron mines are supplying its metal industry, which produced 31 million MT of metal in 2024. In its 20 yr roadmap launched in 2005, the Iranian authorities set an annual metal manufacturing goal of 55 million MT by 2025. To higher meet the necessities of home metal producers, Iran started levying a 25 % obligation on iron ore exports in September 2019. The actual fee has modified a number of occasions since, and in February 2024 the nation cut duties on these merchandise considerably.
7. South Africa
Usable iron ore: 66 million metric tons
Iron content material: 42 million metric tons South Africa’s iron manufacturing was 66 million metric tons of usable iron ore in 2024. The nation’s output has declined considerably up to now few years, down from 73.1 million MT three years earlier. South Africa’s mining industry is grappling with transport and logistics points, most notably as a consequence of railway upkeep challenges.Kumba Iron Ore is Africa’s largest iron ore producer. The company has three predominant iron ore manufacturing property within the nation, together with its flagship mine, Sishen, which accounts for a giant majority of Kumba’s whole iron ore output. Anglo American (LSE:AAL,OTC Pink:AAUKF) owns a 69.7 % share of the company.
8. Canada
Usable iron ore: 54 million metric tons
Iron content material: 32 million metric tonsCanada’s iron manufacturing totaled 54 million metric tons of usable iron ore in 2024. In June of that yr, the Canadian authorities up to date the nation’s Critical Minerals List “to include high-purity iron, citing the necessity of that mineral’s role in decarbonization throughout the steel supply chain,” based on the USGS.
Champion Iron (TSX:CIA) is one company producing iron ore in Canada. It owns and operates the Bloom Lake complicated in Québec. Champion Iron ships iron focus from the Bloom Lake open pit by rail, initially on the Bloom Lake Railway, to a ship loading port in Sept-Îles, Québec. A Phase 2 growth, which entered business manufacturing in December 2022, elevated annual capability from 7.4 million metric tons to fifteen million metric tons of 66.2 % iron ore focus.As of 2025, Champion is investing in upgrading half of its Bloom Lake mine capability to a direct discount high quality pellet feed iron ore with up to 69 % iron.
9. Ukraine
Usable iron ore: 42 million metric tons
Iron content material: 26 million metric tonsUkraine’s iron manufacturing for 2024 was 42 million metric tons of usable iron ore. The metallic represents a key section of the nation’s financial system. Metinvest and ArcelorMittal (NYSE:MT) are the main producers of iron ore within the nation. Despite the continuing battle, Ukraine’s iron ore mining industry has proved as resilient because the people, although there have been short-term shutdowns. However, 2025 appears to be turning into a significantly exhausting yr. In the January by April period, iron ore exports decreased by 20.9 % in worth phrases and by 10.2 % in bodily volumes year-over-year. GMK Center predicted in May that by the tip of this yr, “Ukraine’s iron ore exports will decline by about 20% y/y to 27 million tons from 33.6 million tons in 2024.”
10. Kazakhstan
Usable iron ore: 30 million metric tons
Iron content material: 9.2 million metric tonsKazakhstan’s iron manufacturing got here in at 30 million metric tons of usable iron ore in 2024. Kazakhstan has a number of iron ore mines in operation, with 4 of the highest 5 owned by Eurasian Resources Group. The largest of these iron ore mines is the Sokolovsky floor and underground mine situated in Kostanay. In 2023, it produced an estimated 7.52 million tonnes each year of iron ore.The Sokolov-Sarybai Mining Production Association (SMPA) in Northern Kazakhstan was the principle provider of iron ore to Russia’s Magnitogorsk Iron and Steelworks previous to the nation’s invasion of Ukraine. Since then, the SMPA has halted iron ore shipments to Magnitogorsk.
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Securities Disclosure: I, Melissa Pistilli, maintain no direct investment curiosity in any company talked about on this article.
The views and opinions expressed herein are the views and opinions of the creator and don’t essentially mirror these of Nasdaq, Inc.
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