Iron Ore Export 2023: Market Momentum
Global Iron Ore Export Market Landscape
In global trade, Iron Ore is tracked under HS Code 2601, covering unagglomerated and agglomerated iron ores and concentrates. As a critical raw material for steel production, it drives industrial supply chains, with trade flows heavily influenced by steel demand and mining output.
Strategic Insights
- Market Momentum: Global iron ore exports grew robustly in 2023, with November shipments surging 25% month-on-month despite mid-year volatility. Strong output from Australia and Brazil offset earlier concerns over import declines in key markets.
- Geographic Power: Supply is fragmented among top exporters (India, Brazil, Peru), while demand is concentrated in China, which absorbs 45.4% of import value. Trade flows pivot from Southern Hemisphere producers to Asian industrial hubs.
- Supply Chain Structure: The market is supplier-dominated, with high-frequency shippers controlling 73.7% of trade value. Buyers face rigid terms from major suppliers, though niche options exist for smaller orders.
Global Iron Ore Export Trend in 2023 Whole Year
Global iron ore exports demonstrated resilience in 2023, supported by strong output from major producers like Australia and Brazil despite earlier forecasts of import declines in key markets [SP Global] [World Bank WITS].
- Aggregate Performance: Exports showed robust growth, with total value climbing from $1.29B in January to $1.83B in November amid significant monthly volatility in trade volumes.
- Period Dynamics: The year ended on a strong note, with November’s export value surging 25% from October, highlighting recovering momentum despite mid-year dips.
Table: Iron Ore Export Trend in 2023 Whole Year
| Date | Value | Weight | Unit Price | Value MoM | Weight MoM | Unit Price MoM |
|---|---|---|---|---|---|---|
| 2023-01-01 | 1.29B USD | 27.30B kg | $0.05/kg | N/A | N/A | N/A |
| 2023-02-01 | 1.35B USD | 25.16B kg | $0.05/kg | +4.74% | -7.83% | +13.64% |
| 2023-03-01 | 1.96B USD | 36.88B kg | $0.05/kg | +44.68% | +46.57% | -1.29% |
| 2023-04-01 | 1.50B USD | 31.82B kg | $0.05/kg | -23.34% | -13.72% | -11.15% |
| 2023-05-01 | 1.35B USD | 35.76B kg | $0.04/kg | -10.20% | +12.38% | -20.09% |
| 2023-06-01 | 1.64B USD | 41.15B kg | $0.04/kg | +21.94% | +15.08% | +5.96% |
| 2023-07-01 | 1.44B USD | 34.26B kg | $0.04/kg | -12.24% | -16.75% | +5.42% |
| 2023-08-01 | 1.69B USD | 44.74B kg | $0.04/kg | +16.97% | +30.60% | -10.44% |
| 2023-09-01 | 1.52B USD | 31.69B kg | $0.05/kg | -9.66% | -29.16% | +27.52% |
| 2023-10-01 | 1.46B USD | 35.03B kg | $0.04/kg | -4.14% | +10.54% | -13.28% |
| 2023-11-01 | 1.83B USD | 33.13B kg | $0.06/kg | +25.19% | -5.42% | +32.36% |
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Iron Ore Global Market Structure: Supply vs. Demand
Top Origin Countries & Production Hubs
- India dominates as the top exporter by value ($4.65B, 24.3% share), though Brazil leads in quantity (11.07B tons) and weight (263.42B tons).
- Supply is competitive: Top 3 exporters (India, Brazil, Peru) hold 59.5% value share, with no single player exceeding 30%.
- Brazil and Peru are key challengers, capturing 21.9% and 13.3% value share respectively through high-volume shipments.
Top Destination Countries & Consumption Markets
- China commands 45.4% of import value ($8.67B), with Vietnam a distant second (9.0% share).
- Demand is industrial-driven: Top importers (China, Vietnam, Indonesia, Turkey) are steel-producing hubs processing ore for manufacturing.
- Emerging Asian markets (Vietnam, Indonesia, Philippines) feature prominently, signaling industrial expansion.
Supply-Demand Dynamics
- Fragmented supply competes for concentrated demand, with China absorbing 60% of global ore imports by weight.
- Flows move from Southern Hemisphere producers (Brazil, Australia, Peru) to Asian industrial zones, particularly China-led supply chains.
- China’s demand dominance grants it structural pricing power over exporters.
Table: Global Iron Ore Export —— Top Destination Countries
| Destination Country | Value | Quantity | Frequency | Weight |
|---|---|---|---|---|
| CHINA MAINLAND | 8.67B | 44.96B | 6.09K | 236.16B |
| VIETNAM | 1.71B | 405.95M | 2.83K | 420.04M |
| INDONESIA | 1.44B | 55.76M | 278.00 | 11.53B |
| ARGENTINA | 1.41B | 10.52M | 700.00 | 6.74B |
| TURKEY | 1.15B | 8.19B | 262.00 | 13.79B |
| MEXICO | ****** | ****** | ****** | ****** |
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Table: Global Iron Ore Export —— Top origin Countries
| Origin Country | Value | Quantity | Frequency | Weight |
|---|---|---|---|---|
| INDIA | 4.65B | 75.56M | 5.30K | 1.02B |
| BRAZIL | 4.20B | 11.07B | 2.98K | 263.42B |
| PERU | 2.55B | 29.32B | 691.00 | 29.32B |
| AUSTRALIA | 2.07B | 181.18M | 229.00 | 8.17B |
| UKRAINE | 1.87B | 660.84M | 7.37K | 18.41B |
| RUSSIA | ****** | ****** | ****** | ****** |
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Global Iron Ore Export Analysis: Key Suppliers & Buyers
Suppliers Concentration & Strategy
- Power Center: Highly Consolidated. Dominators (73.74% frequency, 64.64% value) control most trade value with few players.
- Operational Style: High-frequency shipping dominates (91.58% combined High Freq clusters). Bulk Movers exist but are secondary.
- Risk/Opportunity: Buyers face reliance on dominant suppliers. Limited flexibility for negotiation. Options exist in Retail/JIT for smaller orders.
Oversea Buyers Procurement Patterns
- Procurement Behavior: Split focus. Dominators (74.90% frequency, 57.29% value) drive frequent, high-value restocking. Bulk Movers (4.22% frequency, 35.29% quantity) handle massive, infrequent stockpiling.
- Market Tier: Dominated by major players (Dominators + Bulk Movers = 99.5% value share). Retail/JIT buyers are numerous but marginal in value.
Market Entry & Negotiation Strategy
- New Exporters: Target Bulk Mover buyers for large spot deals. Competing with Dominators requires massive scale and long-term contracts.
- New Importers: Expect rigid terms from Dominator suppliers. Seek Retail/JIT suppliers for flexibility on smaller orders. Bulk Movers offer volume but unpredictable timing.
- Core Insight: Market power sits with High-Frequency suppliers. Buyers must adapt to their operational model or find niche alternatives.
Table: Global Iron Ore Export —— Top Buyers
| Buyer Company | Value | Quantity | Frequency | Weight |
|---|---|---|---|---|
| FORMOSA HA TINH STEEL CORPORATION | 907.42M | 8.21M | 75.00 | N/A |
| PT. DEXIN STEEL INDONESIA | 801.42M | 6.92M | 120.00 | 6.68B |
| PHILIPPINE SINTER CORP | 641.60M | N/A | 55.00 | 5.08B |
| U. S. STEEL KOSICE, S.R.O | ****** | ****** | ****** | ****** |
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Table: Global Iron Ore Export —— Top Suppliers
| Supplier Company | Value | Quantity | Frequency | Weight |
|---|---|---|---|---|
| SHOUGANG HIERRO PERU S.A.A. | 2.41B | 27.06B | 544.00 | 27.06B |
| ARCELORMITTAL SOURCING SCA | 628.79M | 5.11B | 39.00 | 5.11B |
| VEDANTA LIMITED | 554.83M | 6.53M | 120.00 | N/A |
| POSCO INTERNATIONAL CORPORATION | ****** | ****** | ****** | ****** |
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Frequently Asked Questions
What is the HS Code for Iron Ore?
The HS Code for Iron Ore is 2601, covering iron ores and concentrates, including roasted iron pyrites.
Which country is the largest exporter of Iron Ore in 2023 Whole Year?
India dominated global iron ore exports in 2023, shipping 4.65B worth of goods, making it the top supply leader.
Who are the top importers of Iron Ore in 2023 Whole Year?
China Mainland (8.67B), Vietnam (1.71B), and Indonesia (1.44B) were the top importers, serving as major steel production hubs and consumption markets.
Who are the major suppliers and companies trading Iron Ore in 2023 Whole Year?
Key suppliers include Shougang Hierro Peru S.A.A. (2.41B) and ArcelorMittal Sourcing SCA (628.79M), while top buyers are Formosa Ha Tinh Steel Corporation (907.42M) and PT. Dexin Steel Indonesia (801.42M).
Why do Iron Ore import rankings sometimes differ from export destination lists?
Trade Asymmetries occur because export data (FOB value) records the intended destination, while import data (CIF value) reflects the actual arrival. Trans-shipments via intermediary hubs also cause discrepancies.
How to find reliable Iron Ore suppliers and exporters in 2023 Whole Year?
Access verified shipment records, bill of lading details, and active supplier lists for HS Code 2601 via the yTrade database, targeting key regions like India.
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