Iron is the most commonly used metal worldwide. It is primarily used by the construction, engineering, automotive, and machinery industries, often as the main ingredient in steel. Thus, the supply of iron ore is an important factor for the global economy. Based on the production of usable iron ore, Australia and Brazil are the two largest iron producers in the world. In 2020, Australia produced an estimated 900 million metric tons of iron ore, while Brazil's production came to an estimated 400 million metric tons.
Iron ore mining companies
Accordingly, the world’s largest companies involved in iron ore mining are from these two leading producer countries. Brazilian mining company Vale S.A.'s iron ore production amounted to 300 million metric tons in 2020. Anglo-Australian mining companies Rio Tinto and BHP complete the world’s top three iron ore producers. Rio Tinto's iron ore production amounted to nearly 286,000 metric tons in 2020, while BHP's iron ore production was nearly 254,000 metric tons.
Prices of iron ore showed an average increase between 2005 and 2011, before decreasing considerably in 2015. The price of iron ore reached a record high in 2011, when the average price was 168 U.S. dollars. In 2020, the iron ore price grew to 109 U.S. dollars per dry metric ton unit, which was the highest price since 2013. As of September 2021, the monthly iron ore price sat at about 125 U.S. dollars per dry metric ton. It reached a peak of 214.43 U.S. dollars per dry metric ton in June 2021.
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In the following 6 chapters, you will quickly find the 30 most important statistics relating to "Iron ore".