Global Iron Ore Landscape: Who Dominates Production in 2024?

Iron ore markets have proven remarkably turbulent over recent years. From pandemic-induced supply chain disruptions to geopolitical tensions and monetary policy shifts, the commodity has experienced wild swings. Peak prices exceeded US$220 per metric ton in mid-2021, plummeted to US$84.50 by November, then climbed back toward US$120-US$130 through 2023 as supply constraints in major producing regions and increased Chinese demand supported prices. The story took another turn in 2024: after opening at US$144 per MT, prices fell sharply to US$91.28 in September amid weakening global economic conditions and China’s property sector challenges. Beijing’s recent stimulus announcements and the Federal Reserve’s interest rate cuts could provide some relief for the commodity.

Understanding which nations lead iron ore extraction is essential for grasping how global supply dynamics will evolve. Here’s a breakdown of the top 10 iron-producing countries based on 2023 data from the US Geological Survey, supplemented by mining industry databases.

The Titans: Australia and Brazil’s Commanding Lead

Australia stands as the undisputed leading producer of iron, with 960 million metric tons of usable iron ore and 590 million metric tons of iron content in 2023. This dominance stems from world-class operations concentrated in Western Australia’s Pilbara region. BHP, Rio Tinto, and Fortescue Metals Group operate massive mining complexes here. Rio Tinto’s Pilbara Blend carries global recognition as the industry standard. The Hope Downs complex, a 50/50 venture with Hancock Prospecting, runs four open-pit mines producing 47 million tonnes annually. BHP’s Western Australia Iron Operations coordinate five mining hubs and four processing centers, while its Newman operations contribute significantly to total output.

Brazil follows as the second major powerhouse with 440 million metric tons of usable iron ore and 280 million metric tons of iron content. The states of Pará and Minas Gerais account for 98% of national output. Vale, headquartered in Rio de Janeiro, operates the world’s largest iron ore mine—the Carajas complex—and leads globally in iron ore pellet production. Brazilian exports gained momentum in 2023 and have sustained strength into 2024, positioning the country as a critical supplier to meet rising global demand.

Asia’s Growing Influence

China produced 280 million metric tons of usable iron ore (170 million MT iron content) in 2023, though paradoxically it’s the world’s largest iron ore consumer. As a leading producer of iron and stainless steel, China’s domestic supplies fall short, forcing the nation to import over 70% of global seaborne iron ore. The Dataigou mine in Liaoning province, owned by Glory Harvest Group Holdings, represents China’s flagship operation with 9.07 million MT annual output.

India emerged as a rising force, producing 270 million metric tons of usable iron ore in 2023—up from 251 million MT the prior year. Iron content production climbed to 170 million MT. NMDC, India’s largest producer, achieved a 40 million MT annual production milestone and targets 60 million MT by 2027 through its Bailadila, Donimalai, and Kumaraswamy complexes across Chhattisgarh and Karnataka states.

Middle Powers and European Contributors

Russia generated 88 million metric tons of usable iron ore in 2023, making it the fifth-largest producer globally. Two major mines dominate: Metalloinvest MC’s Lebedinsky GOK (22.05 million MT annually) and Novolipetsk Steel’s Stoilensky GOK (19.56 million MT annually), both in Belgorod Oblast. However, Western economic sanctions following Russia’s Ukraine invasion severely disrupted exports, which fell from 96 million MT (2021) to 84.2 million MT (2022). The EU has further restricted Russian iron ore imports, reshaping regional supply chains.

Iran accumulated 77 million metric tons in 2023, representing steady growth—it ranked eighth in 2022 and tenth in 2021. The Gol-e-Gohar mine in Kerman province anchors Iranian production. The government targets 55 million MT of steel annually by 2025-2026, requiring 160 million MT of iron ore output. Export duties, initially set at 25% in 2019, were significantly reduced in February 2024 to balance domestic demand and international competitiveness.

Canada produced 70 million metric tons of usable ore with 42 million MT iron content. Champion Iron operates the Bloom Lake complex in Québec, with a Phase 2 expansion completed in December 2022 raising annual capacity from 7.4 million MT to 15 million MT of 66.2% iron ore concentrate. The company is now upgrading capacity to produce direct reduction-quality pellets containing up to 69% iron.

Facing Headwinds: Emerging Challenges

South Africa delivered 61 million metric tons of usable iron ore (39 million MT iron content), down significantly from 73.1 million MT two years prior. Output declines stem from railway maintenance bottlenecks and transport logistics issues. Kumba Iron Ore, Africa’s largest producer and 69.7%-owned by Anglo American, operates three major assets including the Sishen flagship mine.

Kazakhstan contributed 53 million metric tons of usable ore, also facing capacity pressures. The Sokolovsky surface and underground mine in Kostanay, owned by Eurasian Resources Group, led production at 7.52 million tonnes annually. The Sokolov-Sarybai Mining Association in Northern Kazakhstan previously supplied Russia’s Magnitogorsk Iron and Steelworks but halted shipments post-invasion.

Sweden rounded out the top 10 with 38 million metric tons, benefiting from decade-long output growth. State-owned LKAB’s Kiruna mine—the world’s largest underground iron ore operation and a 100+ year veteran—produced 13 million MT of pellets and fines plus 0.6 million MT of lump ore in 2023.

What This Means for Markets Ahead

The distribution of iron ore production remains highly concentrated among a handful of nations, with Australia and Brazil controlling nearly one-third of global supply. Geopolitical disruptions, infrastructure constraints in South Africa, and sanctions pressures on Russia continue reshaping trade flows. China’s stimulus efforts and interest rate relief measures may stabilize prices, but structural weaknesses in property investment demand and slowing global growth pose ongoing headwinds for producers worldwide.