Top-10 Iron Producing Countries in the World 2024

Iron, a fundamental element in the construction of modern civilization, is a crucial component in the manufacturing of steel, machinery, infrastructure, and countless other industrial applications. As of 2024, several nations stand out as major contributors to the global iron production landscape. Here’s a comprehensive overview of the top 10 iron producing countries in the world for the year 2024.

Worldwide Iron Production

Worldwide iron production, as per the latest data from the US Geological Survey, is led by Australia, Brazil, and China. Despite global economic uncertainties stemming from COVID-19 lockdowns and geopolitical tensions like the Russia-Ukraine conflict, iron ore prices have shown volatility. From a record high of nearly US$220 per metric ton in May 2021, prices plummeted to US$84.50 in November of the same year due to increased supply and decreased Chinese demand. However, factors such as supply shortages in key producing nations and resurgent Chinese demand are expected to drive prices to the US$120–US$130 range in 2024, maintaining a positive outlook for the iron ore market.

Largest Iron Producer in the World 2024

Australia emerged as the world’s largest iron ore producer, yielding 880 million MT of usable iron ore, with BHP leading the pack, followed by Rio Tinto and Fortescue Metals Group. The Pilbara region in Western Australia remains the primary source, with additional mines scattered across regions like Wheatbelt, Kimberley, and Midwest. Rio Tinto operates twelve mines, including two at Fortescue and seven at BHP, all concentrated in Pilbara. Iron ore transportation primarily occurs via Port Hedland, Dampier, and Cape Lambert, with Rio Tinto exclusively utilizing the latter two ports.

Top-10 Iron Producing Countries in the World 2024

Australia with the iron production of 880 million tons, holds the title of the largest iron producer in the world, followed by Brazil, China, India and Russia.

Here is the list of top-10 iron producing countries in the world 2024:

Largest Iron Producer in the World – Australia

Iron Production: 880 million tons

Australia, the leading iron ore producer globally, yielded 880 million MT of usable iron ore in 2022, primarily from the Pilbara area in Western Australia. BHP stands as the largest producer, followed by Rio Tinto and Fortescue Metals Group. About 90% of Western Australia’s iron ore output is attributed to Rio Tinto and BHP, with Rio Tinto operating twelve mines in Pilbara. Iron ore transportation is facilitated through ports like Port Hedland, Dampier, and Cape Lambert, with Rio Tinto exclusively utilizing the latter two.

World’s Second Largest Iron Producer – China

Iron Production: 810 million tons

China, ranking as the world’s second-largest iron ore producer, contributed 380 million MT of usable iron ore in 2022, with a reduction of 14 million MT compared to previous years. Despite its significant production, China stands as the largest consumer of iron ore globally. The nation’s immense demand for iron ore is driven by its position as the leading producer of stainless steel, although domestic output struggles to meet requirements. Over 70% of iron ore transported by sea is imported into China. Forecasts suggest a decline in iron ore prices to $90-100/t in 2023 due to subdued demand from Chinese steelmakers, with Goldman Sachs lowering price projections by 12% to $90/t for the second half of the year. Analysts at ING anticipate prices to stabilize at $105/t in the third quarter and $100/t in the fourth.

World’s Third Largest Country in terms of Iron Production – Brazil

Iron Production: 310 million tons

Brazil, the world’s third-largest iron ore producer, contributed 410 million MT of usable iron ore in 2022, with Para and Minas Gerais states being the primary production hubs. The renowned Carajas mine, operated by Vale in Para, stands as the world’s largest iron ore mine. Vale, headquartered in Rio de Janeiro, leads global iron ore pellet manufacturing. Key producers include Anglo-American, Arcelormittal, Vale, and Companhia Siderurgica Nacional, with notable output increases in fiscal year 2020–2021. Forecasts anticipate further growth in Brazil’s iron ore output in 2023, positioning Brazil and India to dominate global supply, while Australian shipments maintain stability.