Iron Ore Export 2024: Market Momentum
Global Iron Ore Export Market Landscape
In global trade, Iron Ore is tracked under HS Code 2601, covering unprocessed iron ores and concentrates. As a critical raw material for steel production, it drives heavy industrial activity, with trade flows heavily influenced by construction and manufacturing demand.
Strategic Insights
- Market Momentum: Global iron ore exports showed resilience in 2024, with volumes rising from 20.04B kg in January to 22.44B kg by December. A mid-year dip was offset by strong recovery in the latter half, signaling renewed trade momentum.
- Geographic Power: Supply is fragmented, with Uganda leading in shipment frequency (30.9%) and Brazil in volume (12.95%). China dominates demand, absorbing 73.31% of global volume, reinforcing its role as the key pricing influence.
- Supply Chain Structure: The market is consolidated—Dominators control 72.75% of export value, while Bulk Movers handle large volumes. Buyers face tough negotiations with major suppliers but can leverage spot deals for flexibility.
Global Iron Ore Export Trend in 2024 Whole Year
Global iron ore exports showed resilience in 2024, aligning with long-term market growth projections [Report Linker].
- Aggregate Performance: Total export value demonstrated notable fluctuations, with a significant recovery in the latter half of the year after a mid-year dip.
- Period Dynamics: Volumes climbed from 20.04B kg in January to 22.44B kg in December, reflecting renewed trade momentum despite periodic declines.
Table: Iron Ore Export Trend in 2024 Whole Year
| Date | Value | Weight | Unit Price | Value MoM | Weight MoM | Unit Price MoM |
|---|---|---|---|---|---|---|
| 2024-01-01 | 2.12B USD | 20.04B kg | $0.11/kg | N/A | N/A | N/A |
| 2024-02-01 | 1.91B USD | 16.83B kg | $0.11/kg | -9.59% | -16.02% | +7.65% |
| 2024-03-01 | 1.71B USD | 15.96B kg | $0.11/kg | -10.37% | -5.17% | -5.48% |
| 2024-04-01 | 1.69B USD | 16.92B kg | $0.10/kg | -1.54% | +6.02% | -7.13% |
| ***** | ***** | ***** | ***** | ***** | ***** | ***** |
| 2024-06-01 | 1.46B USD | 15.90B kg | $0.09/kg | ***** | ***** | ***** |
| 2024-07-01 | 1.59B USD | 16.90B kg | $0.09/kg | +9.20% | +6.23% | +2.80% |
| 2024-08-01 | 1.65B USD | 17.06B kg | $0.10/kg | +3.25% | +1.00% | +2.22% |
| 2024-09-01 | 1.49B USD | 18.27B kg | $0.08/kg | -9.65% | +7.09% | -15.63% |
| 2024-10-01 | 1.73B USD | 19.97B kg | $0.09/kg | +16.22% | +9.25% | +6.37% |
| 2024-11-01 | 1.75B USD | 18.91B kg | $0.09/kg | +1.37% | -5.28% | +7.02% |
| 2024-12-01 | 2.04B USD | 22.44B kg | $0.09/kg | +16.62% | +18.65% | -1.71% |
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Iron Ore Global Market Structure: Supply vs. Demand
Top Origin Countries & Production Hubs
- Dominant Supplier: Uganda leads as the top exporter by shipment frequency (30.9%) and value share (18.98%), but its physical volume share (1.21%) is low. Brazil dominates physical volume (12.95% quantity share) despite ranking third overall. Peru holds an overwhelming 50.52% quantity share.
- Market Structure: Supply is highly fragmented. No single exporter dominates across all metrics. The top 3 exporters (Uganda, Ukraine, Brazil) hold 65.18% of shipment frequency but lack volume dominance.
- Key Challengers: Brazil and Peru are critical volume players. Australia is a major high-value exporter (10.23% value share) despite low volume. Ukraine is significant in weight shipped (23.89% share).
Top Destination Countries & Consumption Markets
- Key Buyers: China Mainland is the dominant importer, commanding 73.31% of quantity, 60.78% of weight, and 33.34% of value. Kenya ranks second by value (19.23%) but has minimal volume share (1.71%).
- Nature of Demand: China's massive volume and weight shares signal industrial processing for steel production. Vietnam and Indonesia also show patterns consistent with industrial use (high value relative to volume/weight). Kenya's high value/low volume suggests possible finished goods imports or data anomalies.
- Emerging Markets: Vietnam and Indonesia appear in the top importers, indicating growing industrial demand in Southeast Asia.
Supply-Demand Dynamics
- Balance Assessment: Fragmented supply base meets highly concentrated demand. China absorbs the vast majority of global volume and weight.
- Geographic Trend: Major flows move from key resource holders (Brazil, Peru, Australia, Ukraine) to China's industrial complex. Secondary flows supply emerging Asian manufacturers and other global markets.
- Key Takeaway: Pricing power leans towards major volume exporters (Brazil, Peru) and high-value suppliers (Australia) due to China's overwhelming import dependency. China's concentration as a buyer provides counterbalancing leverage.
Table: Global Iron Ore Export —— Top Destination Countries
| Destination Country | Value | Quantity | Frequency | Weight |
|---|---|---|---|---|
| CHINA MAINLAND | 8.57B | 50.38B | 7.71K | 131.06B |
| KENYA | 4.94B | 1.18B | 12.02K | 1.17B |
| VIETNAM | 2.32B | 233.32M | 2.82K | 152.54M |
| INDONESIA | 1.59B | 15.01M | 320.00 | 14.61B |
| ARGENTINA | 1.36B | 26.79M | 818.00 | 5.28B |
| TURKEY | ****** | ****** | ****** | ****** |
Check Iron Ore Export Detailed Country Profile
Table: Global Iron Ore Export —— Top origin Countries
| Origin Country | Value | Quantity | Frequency | Weight |
|---|---|---|---|---|
| UGANDA | 4.89B | 831.24M | 11.88K | 545.53M |
| UKRAINE | 4.37B | 854.40M | 8.35K | 51.66B |
| BRAZIL | 4.25B | 8.90B | 994.00 | 21.51B |
| INDIA | 3.12B | 332.66M | 5.84K | 38.79B |
| AUSTRALIA | 2.63B | 83.13M | 344.00 | 10.41B |
| PERU | ****** | ****** | ****** | ****** |
Check Iron Ore Export Detailed Country Profile
Global Iron Ore Export Analysis: Key Suppliers & Buyers
Suppliers Concentration & Strategy
- Power Center: Highly consolidated. Dominators (67.63% frequency, 72.75% value share) control most value with fewer companies.
- Operational Style: Mixed. Dominators drive frequent shipments, but Bulk Movers (4.87% frequency, 57.91% quantity share) handle massive volumes infrequently.
- Risk/Opportunity: Buyers face reliance on Dominators for stability, increasing negotiation difficulty. Bulk Movers offer large-volume spot options. Retail/JIT players (24.13% frequency) provide flexibility for smaller orders.
Oversea Buyers Procurement Patterns
- Procurement Behavior: Dominant preference for large-scale purchasing. Dominators (73.70% frequency, 88.98% value share) demand frequent, high-value shipments. Bulk Movers (3.81% frequency, 41.03% quantity share) focus on massive, infrequent stockpiling.
- Market Tier: Driven by giants. Dominators hold overwhelming value share (88.98%), indicating a market controlled by major industrial players. Retail/JIT buyers (17.59% frequency) represent smaller, frequent transactions but minimal value impact.
Market Entry & Negotiation Strategy
- New suppliers must target Dominators for large contracts but expect tough terms. Alternatively, engage Bulk Movers for major spot deals.
- Buyers needing stability should secure long-term contracts with Dominators. Those seeking volume flexibility should monitor Bulk Movers.
- Avoid competing directly on Dominator scale initially. Focus on niche quality or serving Retail/JIT buyers requiring smaller, frequent shipments.
Table: Global Iron Ore Export —— Top Buyers
| Buyer Company | Value | Quantity | Frequency | Weight |
|---|---|---|---|---|
| DEVKI STEEL MILLS LTD | 4.88B | 578.31M | 259.00 | 292.59M |
| DEVKI STEEL MILLS LTD | 4.88B | 578.31M | 259.00 | 292.59M |
| METINVEST INTERNATIONAL S.A | 1.15B | N/A | 1.30K | 17.96B |
| ARCELORMITTAL POLAND S.A | ****** | ****** | ****** | ****** |
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Table: Global Iron Ore Export —— Top Suppliers
| Supplier Company | Value | Quantity | Frequency | Weight |
|---|---|---|---|---|
| NATIONAL CEMENT COMPANY UGANDA LIMITED | 4.89B | 830.66M | 11.86K | 544.95M |
| ПРАТ 'ПІВНІЧНИЙ ГІРНИЧО-ЗБАГАЧУВАЛЬНИЙ КОМБІНАТ' | 970.48M | N/A | 1.52K | 11.89B |
| ПРАТ ПОЛТАВСЬКИЙ ГІРНИЧО- ЗБАГАЧУВАЛЬНИЙ КОМБІНАТ | 668.07M | N/A | 1.18K | 6.58B |
| ПРАТ ІНГУЛЕЦЬКИЙ ГІРНИЧО-ЗБАГАЧУВАЛЬНИЙ КОМБІНАТ | ****** | ****** | ****** | ****** |
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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 2024 Whole Year?
Uganda is the top exporter, with $4.89B in value, dominating global iron ore supply chains.
Who are the top importers of Iron Ore in 2024 Whole Year?
China Mainland ($8.57B), Kenya ($4.94B), and Vietnam ($2.32B) lead imports. China drives steel production, while Kenya and Vietnam are key processing hubs.
Who are the major suppliers and companies trading Iron Ore in 2024 Whole Year?
Top buyers include DEVKI STEEL MILLS LTD ($4.88B), while major suppliers feature NATIONAL CEMENT COMPANY UGANDA LIMITED ($4.89B) and Ukrainian firms like ПРАТ 'ПІВНІЧНИЙ ГІРНИЧО-ЗБАГАЧУВАЛЬНИЙ КОМБІНАТ' ($970.48M).
Why do Iron Ore import rankings sometimes differ from export destination lists?
Trade asymmetries occur because exports use FOB values (shipped origin), while imports use CIF values (arrival cost). Discrepancies also arise from trans-shipment hubs or reporting delays.
How to find reliable Iron Ore suppliers and exporters in 2024 Whole Year?
Access verified shipment records and active suppliers for HS Code 2601 via yTrade, targeting key regions like Uganda. Analyze bill of lading data to identify partners.
Iron Ore Export 2023: Market Momentum
Track global iron ore exports (HS Code 2601) on yTrade. India leads supply as China drives demand, with 25% shipment growth in 2023 despite volatility.
Iron Ore Export 2025: Market Shift
Track Brazil's iron ore export trends for HS Code 2601 on yTrade. Data shows a lopsided market favoring major buyers like China amid supply volatility.
