Iron ore

The backbone of industry. Almost all iron ore becomes steel, the material that builds railways, bridges, cars, ships and cities.

2.6bn t

The world mines about 2.6 billion tonnes of iron ore every year, more than any other metal ore by far.

Key facts

At a glance

Atomic number: 26
Density: 7.87 g/cm³
Melting point: 1,538 °C
Key ores: Hematite, magnetite
World mine output: ≈2.6 billion t (2025)
Main uses: Steel for construction, vehicles, machinery

Why it matters

Why iron ore

Iron ore is graded by its iron content. High-grade ore and concentrate above 62–65% Fe command a premium, because they need less energy and produce less waste in the blast furnace or direct-reduction plant.

India is one of the world’s largest iron ore producers and its steel industry is among the fastest-growing anywhere, while West Africa holds large untapped deposits.

Ore to market

From the ground to the buyer

Stage
Mined ore
30–65% Fe
Hematite or magnetite rock from open-pit mines. Direct-shipping ore needs only crushing and screening.
Stage
Lump, fines & concentrate
58–68% Fe
Lower-grade ore is upgraded by washing, magnetic separation or flotation into concentrate.
Stage
Pellets
63–67% Fe
Concentrate is rolled into balls and fired, ready for blast furnaces and DRI plants.

How it is priced

The global benchmark is 62% Fe fines delivered to China, traded as futures in Singapore and Dalian. Higher grades earn a premium for every extra point of iron and lower impurities.

Did you know

The story

The pillar that will not rust

In Delhi stands an iron pillar more than 7 metres tall and over 6 tonnes in weight, forged around 1,600 years ago. It has stood in the open through centuries of monsoons with almost no rust, thanks to the high phosphorus in its iron, which forms a thin protective film on the surface.

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