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In 2024, China was the world's largest importer of iron ore by a large margin, having accounted for a percent share of the total global iron ore imports based on value.

Key facts on iron ore mining

China accumulated a majority of the global iron ore imports in 2024, with over ** percent of total global imports. Japan followed behind distantly with a percent share of iron ore imports. On the other hand, Australia exports the largest share of global iron ore. Australia currently holds the world’s largest iron ore reserves, totaling ** billion metric tons in iron content and ** billion metric tons in crude ore as of 2024. China’s large share of iron ore imports is due to its heavy consumption of the material. It has become one of the largest steel producers in the world.

Iron ore producers and end-users

Iron ore is based on its valuable metallic iron, which can be extracted from rocks and minerals. A large majority, over ** percent, of the iron ore mined in the world is used to make steel. It is commonly used for structural engineering applications, vehicles, and machinery. Brazilian company Vale is one of the largest iron ore producers in the world, producing *million metric tons in 2024.