Prices
No single exchange-settled price exists for iron ore. Trade settles over-the-counter against benchmarks published by independent price-reporting agencies. We do not republish those numbers — consult the publishers directly:
Asian Metal ↗
Daily benchmark quotations for iron ore from Asian producers (subscription).
Fastmarkets ↗
Industry benchmark prices, market reports, and price discovery for iron ore.
Shanghai Metals Market ↗
Real-time and historical Chinese spot prices for iron ore.
USGS Mineral Commodity Summaries 2026 ↗
Annual U.S. Geological Survey reference — production, reserves, prices, and trade statistics for iron ore.
About Iron Ore
Editorial overviewWhat is iron ore?
Iron ore is the primary natural source of iron used to make steel, usually mined, crushed, concentrated, and then fed into blast furnaces or direct-reduction routes. USGS MCS 2026, World Steel Association
How iron ore is priced
Iron Ore trades on multiple officially regulated exchanges. Each publishes its own daily settlement, fixing or auction reference price for its specific contract — there is no single “world price”. The complete list of active regulated venues for iron ore:
- Dalian Commodity Exchange (China) — Iron Ore (I), CNY, Physical
- Singapore Exchange (Singapore) — Iron Ore 62% Fe (Platts) (FEF), USD, Cash [ref: Platts IODEX 62% Fe Fines CFR North China — administered by S&P Global Platts]; Iron Ore 65% Fe (Fastmarkets), USD, Cash [ref: Fastmarkets MB Iron Ore 65% Fe Index — administered by Fastmarkets]
- COMEX (CME Group) (USA) — Iron Ore 62% Fe CFR China (Platts) (TIO), USD, Cash [ref: Platts IODEX 62% Fe Fines CFR North China — administered by S&P Global Platts]
Principle: One True Source for All. Every officially regulated exchange with an active contract is listed, regardless of geography or sanctions. Cash-settled contracts list both the listing exchange (where the contract clears) and the underlying benchmark index used for final settlement. Fastmarkets, S&P Global Platts and Argus are regulated benchmark administrators under UK/EU BMR, not exchanges. Source: TSM exchanges registry (maintained from public regulatory and exchange filings).
Where iron ore comes from
According to USGS MCS 2026, the top mine-producing countries in 2025e were Australia (980 Mt usable ore), Brazil (420 Mt), India (310 Mt), China (290 Mt), and Russia (86 Mt). The United States ranked lower at 38 Mt, while Canada (69 Mt), South Africa (66 Mt), and Ukraine (52 Mt) were also major producers. USGS MCS 2026 Full breakdown in the production and reserves sections.
Who produces iron ore
Major iron ore producers include BHP and Rio Tinto in Australia, Vale in Brazil, and Anglo American in South Africa and Brazil; these are among the globally leading iron ore companies cited in company reporting and industry coverage. BHP, Rio Tinto, Vale, Anglo American Full list of producers below.
What iron ore is used for
Iron ore is overwhelmingly used for steelmaking: World Steel Association says 98% of mined iron ore is used to make steel. Its raw-material breakdown shows the integrated blast-furnace route uses about 1,370 kg of iron ore per 1,000 kg of crude steel, while the electric-arc-furnace route still uses about 586 kg of iron ore per 1,000 kg of crude steel. World Steel Association
Key facts about iron ore supply
- USGS MCS 2026: world mine production was 2,600,000 thousand metric tons in 2025e, or about 2.6 billion metric tons. USGS MCS 2026
- USGS MCS 2026: world reserves were 87,000 million metric tons of crude ore, versus 2025e production of 2.6 billion metric tons, equal to roughly 33 years of cover. USGS MCS 2026
- USGS MCS 2026: Australia led with 980 Mt of usable ore in 2025e, followed by Brazil at 420 Mt, India at 310 Mt, and China at 290 Mt. USGS MCS 2026
- World Steel Association: 98% of mined iron ore is used to make steel, and the BF-BOF route uses about 1,370 kg of iron ore per 1,000 kg of crude steel. World Steel Association
- USGS MCS 2026: recycling is listed as none for iron ore, because the chapter covers raw ore rather than scrap iron or steel. USGS MCS 2026
Sources: USGS MCS 2026 Iron Ore PDF, World Steel Association raw materials, World Steel Association what is steel, BHP, Rio Tinto, Vale, Anglo American
Mine Production by Country
Source: USGS MCS 2026Usable Ore Production
| Country | 2024 | 2025e | Reserves |
|---|---|---|---|
| United States | 45,100 | e38,000 | 3,600 |
| Australia | 982,000 | e980,000 | 59,000 |
| Brazil | 428,000 | e420,000 | 34,000 |
| Canada | 70,000 | e69,000 | 6,000 |
| Chile | e18,000 | e19,000 | 3,000 |
| China | 293,000 | e290,000 | 17,000 |
| India | 282,000 | e310,000 | 5,500 |
| Iran | e90,000 | e93,000 | 4,200 |
| Kazakhstan | 37,000 | e35,000 | 3,800 |
| Mauritania | 14,300 | e15,000 | 10,000 |
| Mexico | 7,800 | e7,700 | 940 |
| Peru | 19,800 | e21,000 | 1,800 |
| Russia | e91,000 | e86,000 | 35,000 |
| South Africa | e64,000 | e66,000 | 1,200 |
| Sweden | e25,000 | e26,000 | 1,300 |
| Turkey | e17,000 | e18,000 | 150 |
| Ukraine | 54,700 | e52,000 | 6,500 |
| Other countries | 60,700 | e64,000 | 11,000 |
| World total (rounded) | 2,600,000 | 2,600,000 | 200,000 |
Production unit: thousand metric tons, usable ore. Reserves unit: million metric tons, crude ore. "e" = estimated, "W" = withheld. Source: USGS MCS 2026
Iron Content Production
| Country | 2024 | 2025e | Reserves |
|---|---|---|---|
| United States | 28,600 | e24,000 | 2700 |
| Australia | 607,000 | e600,000 | 27000 |
| Brazil | 268,000 | e260,000 | 15000 |
| Canada | 42,000 | e41,000 | 2300 |
| Chile | e11,000 | e12,000 | 740 |
| China | 183,000 | e180,000 | 3000 |
| India | 175,000 | e190,000 | 3400 |
| Iran | e59,000 | e61,000 | 1500 |
| Kazakhstan | 11,100 | e11,000 | 1500 |
| Mauritania | 8,940 | e9,300 | 4400 |
| Mexico | 4,900 | e4,800 | 520 |
| Peru | 13,300 | e14,000 | 1000 |
| Russia | e53,000 | e50,000 | 14000 |
| South Africa | e41,000 | e42,000 | 680 |
| Sweden | e18,000 | e18,000 | 600 |
| Turkey | e11,000 | e11,000 | 99 |
| Ukraine | 34,000 | e32,000 | 2300 |
| Other countries | 34,700 | e36,000 | 6000 |
| World total (rounded) | 1,600,000 | 1,600,000 | 87000 |
Production unit: thousand metric tons, iron content. Reserves unit: million metric tons, iron content. "e" = estimated, "W" = withheld. Source: USGS MCS 2026
Major Producers (20)
Ranked by latest disclosed iron ore production or shipmentsCompanies ranked by most recently disclosed annual iron ore production (Mt). Each card links to the primary source (annual report, production report, or exchange filing). "Not disclosed" means the company does not publish metal-specific tonnage — common for private Chinese/state-owned groups and pre-production projects.
Brazil
Subsidiary → NYSE:BHP / B3:VALE3
15.1
Mt Fe ore
FY2025
Mauritania
State-Owned
14.2
Mt Fe ore
2024
USA
CLF
Undisclosed Output
Not disclosed
FY2024
Vertically integrated US iron ore pellet producer with mines in Michigan/Minnesota (Tilden, Hibbing Taconite, Northshore, United Taconite); no explicit FY24/25 production volume found in accessible primary sources.
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Frequently Asked Questions
Auto-generated from primary-source dataWhich countries produce the most iron ore?
The largest iron ore producing countries (Usable Ore Production) are Australia (982,000 thousand metric tons, usable ore), Brazil (428,000 thousand metric tons, usable ore), China (293,000 thousand metric tons, usable ore). Source: USGS Mineral Commodity Summaries 2026.
Which countries hold the largest iron ore reserves?
The countries with the largest reported iron ore reserves (Usable Ore Production) are Australia (59,000 million metric tons, crude ore), Russia (35,000 million metric tons, crude ore), Brazil (34,000 million metric tons, crude ore). Source: USGS Mineral Commodity Summaries 2026.
Who are the largest global producers of iron ore?
Among 780+ producers tracked on TSM Hub, the largest disclosed iron ore producers include Rio Tinto (UK/Australia), Vale (Brazil), BHP (Australia). Some operating iron ore producers do not publish metal-specific tonnage — such as Cleveland-Cliffs (USA) — and are listed with an “Undisclosed Output” badge instead of a rank, in line with our principle of never inventing numbers absent from primary sources. Full ranking with primary-source links is available in the producers section.
What is the primary source for iron ore production and reserves data?
Country-level iron ore production and reserves figures on TSM Hub are sourced directly from the USGS Mineral Commodity Summaries 2026, the U.S. Geological Survey's authoritative annual reference. Company-level production figures come from each producer's official annual report, production report, or regulated exchange filing.