Top 10 Iron Ore Producing Countries In 2024
According to the latest data provided by the US Geological Survey, Australia, Brazil, and China are the top three iron ore-producing countries in 2023-2024, while many other countries contribute to world output. Over the past few years, as the world has coped with the economic uncertainties surrounding COVID-19 lockdowns, the Russia-Ukraine war, and rising levels of inflation, iron ore prices have shown instability.
The basic metal’s price dropped quickly to a low of US$84.50 in November 2021 after hitting a record high of almost US$220 per metric ton (MT) in May of the same year. Experts at the time concluded that the sharp decline in prices in late 2021 was caused by a combination of increased supply and decreased demand from China.
The Russia-Ukraine conflict, shortages of supply in Australia and Brazil, increased export taxes in India, and resurgent demand from China have all contributed to the iron ore price rebound, which is expected to trade in the US$120–US$130 range in 2024. It is expected that the iron ore market will remain upbeat until next year.
List of Top 10 Iron Ore-Producing Countries in the World
List of Top 10 Iron Ore-Producing Countries in the World: The Top 10 Iron Ore-Producing Countries in the World are Australia, Brazil, China, India, Russia, Ukraine, South Africa, Iran, Kazakhstan, and Canada. The largest iron ore-producing country is Australia, which produced 880 million Metric Tonnes (MT) of useable iron ore in 2022, followed by Brazil and China as the second and third-highest iron ore-producing countries with 410 million MT and 380 million MT of useable iron ore.
In this article, we will look into the list of the top 10 iron-producing countries of the world along with their contribution to the global iron-ore output.
Table of Content
- Top 10 Iron Ore Producing Countries In 2024
- List Of Top 10 Iron Ore-Producing Countries In 2024
- Australia – Top 10 Iron Ore-Producing Country In the World
- Brazil – Top 10 Iron Ore-Producing Country In the World
- China – Top 10 Iron Ore-Producing Country In The World
- India – Top 10 Iron Ore-Producing Country In The World
- Russia – Top 10 Iron Ore-Producing Country In The World
- Ukraine – Top 10 Iron Ore-Producing Country In The World
- South Africa – Top 10 Iron Ore-Producing Country In The World
- Iran – Top 10 Iron Ore-Producing Country In The World
- Kazakhstan – Top 10 Iron Ore-Producing Country In The World
- Canada – Top 10 Iron Ore-Producing Country In The World