The global Iron Ore market is projected to reach 2.3 billion metric tons by 2024, supported by the emergence of India, Turkey and other developing markets to counterbalance the slowdown in Chinese consumption. With over 98% of iron ore consumption accounted for by crude steel production, the recovering construction industry in both developed and developing markets is expected to help sustain growth in the market. Processing of steel requires iron ore and coal to be heated in a blast furnace to produce molten iron or pig iron from which steel is produced. In the immediate future, the market will continue to face pricing volatility coupled with a growing price gap among different grades of iron ore. China represents the largest market worldwide. The country is currently witnessing increased demand for higher grade iron ore with lesser impurities against the backdrop of stringent implementation of legislations to reduce emissions and boost production efficiencies. Driven by India, Asia-Pacific (excluding Japan and China) is forecast to witness the fastest growth with a CAGR of 5.4% over the analysis period. Major factors encouraging growth in the region include continued industrialization and urbanization, and increase in factory and housing buildouts; policy led gains in infrastructure investments; and growing income levels, rising discretionary income and strong consumption of manufactured goods and finished steel products such as machinery, metal goods and automobiles. Other emerging markets, such as Turkey, Russia, and Latin American countries are also expected to drive consumption of iron ore in the coming years.   

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Company and Industry News & Stories
  • Mineral Resources Limited Acquires Atlas Iron in a Transaction Valued at US$280 Million
  • Metalloinvest Signs Supply Agreement with Severstal for the Supply of 1.8 Million Tonnes of Iron Ore Concentrate
  • Cliffs Natural Resources Changes Name to Cleveland-Cliffs in a Move to Re-Establish itself as the Supplier of High-Quality Iron Units
  • Metalloinvest and Chelyabinsk Metallurgical Plant Sign Iron Ore Supply Agreement for the Delivery of Approximately 1.6 Million Tonnes of Iron Ore & Pellets
  • Cliffs Natural Announces Commencement of Mustang Superflux Pellet Production at its United Taconite Mine

Product Definition & Scope
  • Iron ores are minerals and rocks from which the metallic iron is extracted for commercial purposes. Iron ores vary in colors ranging from bright yellow, rusty red, dark grey to deep purple, and contain high iron-oxide content. Iron ore can be processed into three forms, namely pig iron, sponge iron and wrought iron. Sponge iron, a substitute for steel scrap, is mostly utilized as a raw material in manufacturing steel products. On the other hand, pig iron, which is a brittle form of iron, is the intermediate product produced in the process of smelting the iron ore with coke.

Timeline for Analysis
  • Market Estimates and Forecasts for 2016-2024
  • Historic Review 2011-2015

Geographic Markets Analyzed
  • US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, Turkey, Ukraine, and Rest of Europe), China, Asia-Pacific (India, South Korea, Taiwan, and Rest of Asia-Pacific), Middle East, Latin America (Argentina, Brazil, Mexico, and Rest of Latin America), and Africa

Major Players
  • Anglo American Plc
  • ArcelorMittal S.A.
  • BHP Billiton Group
  • Champion Iron Limited
  • Cleveland-Cliffs Inc.
  • Ferrexpo plc

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