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Iron Ore Suppliers: Australia, Brazil and the Other Exporters
Iron ore is one of the largest commodities in sea trade, with two dominant exporters and one dominant buyer.
The exporters
OEC trade data for 2024 shows world exports of iron ore of about USD 162 billion. Australia had 53.9 percent of the trade and Brazil 20.8 percent. Canada (4.1), South Africa (4.1), India (1.9) and Ukraine (1.8) were the next exporters.
The buyers
China bought about 69.6 percent of the ore that was traded, far more than any other country. Japan (6.6 percent) and South Korea (4.8) followed. The trade is therefore very sensitive to steel production in China.
Ports and terminals
Australian ore leaves from the Pilbara in the north-west, from ports such as Port Hedland and Dampier. Brazilian ore leaves from deep-water terminals such as Tubarao and the Sepetiba bay and from Ponta da Madeira in the north; see the Shipfixing guide to Brazil iron ore shipping. South African and Indian ore go through their own export ports.
Grades
Ore is traded as fines, lump and pellets. The iron content is the main quality number, for example 62 percent iron for a common fines grade, with limits on silica, alumina, phosphorus and moisture. A higher iron content is worth more to a steel mill.
Ships
Most ore moves on Capesize ships of 150,000 tonnes and more, and the largest ore carriers carry 300,000 tonnes. See the Shipfixing guide to Capesize bulk carriers.
On Comdity
See the offers on the iron ore page. Smaller exporters and traders post cargoes of fines and lump of a few thousand to tens of thousands of tonnes. Read FOB vs CFR vs CIF and the export and import documents.
Contracts and indices
Large mines sell on long-term arrangements and on spot cargoes, and many contracts price the ore from published indices of the market, such as the index for 62 percent iron fines, with a premium or a discount for the grade. Smaller traders sell set lots of a few tens of thousands of tonnes, usually FOB or CFR to a Chinese port.
What to check before you buy
Ask for the assay of the cargo: iron content, silica, alumina, phosphorus, sulphur and moisture. Moisture matters for safety as well as for price, because ore fines with too much moisture can become unstable at sea, and the ship may only load them with a valid certificate. Use an independent inspection company at loading and agree how disputes about the assay are settled.
The largest exporting and importing countries (2024)
| Top exporting countries | Share of world trade |
|---|---|
| Australia | 53.9% |
| Brazil | 20.8% |
| Canada | 4.1% |
| South Africa | 4.1% |
| India | 1.9% |
| Ukraine | 1.8% |
| Sweden | 1.6% |
| Oman | 1.1% |
| Top importing countries | Share of world trade |
|---|---|
| China | 69.6% |
| Japan | 6.6% |
| South Korea | 4.8% |
| Netherlands | 1.8% |
| Chinese Taipei | 1.4% |
| Malaysia | 1.3% |
| Germany | 1.2% |
| Indonesia | 0.9% |
Source: OEC (BACI/CEPII), 2024, customs codes 2601. The figures count trade by every mode of transport, not only by sea.
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