Global Iron Ore Production Landscape: Which Countries Lead in 2024?

Iron ore has experienced significant price swings over the recent years, shaped by pandemic-related disruptions, geopolitical tensions, and macroeconomic headwinds. The commodity peaked at over US$220 per metric ton in May 2021, only to plummet to US$84.50 later that year. While prices stabilized around US$120-130 in 2023 due to supply constraints in major producing regions and renewed Chinese demand, the market weakened again in 2024 as interest rate pressures and China’s property sector challenges took their toll. Prices started 2024 at US$144 per MT before sliding to US$91.28 by mid-September, though recent policy stimulus and Federal Reserve rate cuts offer potential support.

Understanding which nations dominate iron ore production is essential for grasping commodity market dynamics. Here’s a breakdown of the world’s top iron ore producers based on 2023 data.

Australia Dominates with Nearly 1 Billion Metric Tons

Australia maintains its commanding position as the world’s largest iron ore supplier, with 960 million metric tons of usable iron ore production in 2023, containing 590 million metric tons of iron content. The Pilbara region remains the epicenter of global iron ore extraction. BHP, Rio Tinto, and Fortescue Metals Group operate the country’s major mines. Rio Tinto’s Hope Downs complex, a joint venture with Hancock Prospecting, features four open-pit operations producing 47 million tonnes annually. BHP’s Western Australia Iron Operations comprise multiple mining and processing hubs, including the Newman operations where the company holds an 85 percent stake.

Brazil Follows with 440 Million Metric Tons

Brazil secured the second position with 440 million metric tons of usable iron ore in 2023. The states of Pará and Minas Gerais account for 98 percent of national production. Vale operates Carajas, the world’s largest iron ore mine, and stands as the globe’s leading iron ore pellet producer. Brazilian iron ore shipments accelerated in 2023 and have maintained momentum into 2024, reflecting growing international demand.

China’s Paradox: Major Producer, Larger Importer

China produced 280 million metric tons of usable iron ore in 2023, ranking third globally, yet paradoxically remains the world’s largest consumer. Despite domestic production, China imports over 70 percent of seaborne iron ore to fuel its massive stainless steel manufacturing base. The Dataigou mine in Liaoning province represents China’s largest operation, producing 9.07 million MT annually.

India’s Production Surge Accelerates

India’s output reached 270 million metric tons of usable iron ore in 2023, up from 251 million metric tons the previous year. NMDC, the country’s leading producer, achieved a 40 million MT annual milestone in 2021 and targets 60 million MT by 2027. The company operates mining complexes across Chhattisgarh and Karnataka states, positioning India as a key swing producer in global markets.

Secondary Producers Round Out the Top Tier

Russia produced 88 million metric tons in 2023, with major operations concentrated in Belgorod Oblast. However, Western sanctions have constrained Russian exports, which collapsed from 96 million to 84.2 million metric tons between 2021 and 2022.

Iran climbed to 77 million metric tons, rising from the 10th position in 2021 to 6th today. The government targets 55 million MT of steel production annually by 2025-2026, requiring 160 million MT of ore supply. Recent duty reductions on iron ore exports signal policy shifts to boost output.

Canada contributed 70 million metric tons with 42 million metric tons of iron content. Champion Iron’s Bloom Lake complex in Quebec expanded capacity to 15 million MT annually through a Phase 2 expansion completed in late 2022, with further upgrades underway to produce higher-grade pellets.

South Africa’s output stood at 61 million metric tons, declining from 73.1 million MT two years prior, hampered by railway and logistics infrastructure challenges. Kumba Iron Ore, Africa’s largest producer, operates the Sishen mine, with Anglo American holding a 69.7 percent stake.

Kazakhstan produced 53 million metric tons, with four of its five largest mines owned by Eurasian Resources Group. The Sokolovsky mine represents the country’s flagship operation, though political realignments have redirected supply flows away from traditional Russian partners.

Sweden rounded out the top 10 with 38 million metric tons. The state-owned LKAB operates the Kiruna mine, the world’s largest underground iron ore facility, which has been producing for over a century and contributed 13 million metric tons of pellets and fines in 2023.

These production figures underscore the concentration of global iron ore supply among a limited set of nations and operators, with geopolitics and infrastructure increasingly shaping market dynamics.