Iron

Iron is a dense, metallic element commonly found in the earth’s crust and is the primary material used in the production of steel. The top producers of iron are Australia, Brazil, and China.

Sub-Category	Abbreviation	Core Content Range	Size Range
Basic Pig Iron		Fe 80-96%	n/a
Foundry Pig Iron		Fe 92-98%	n/a
High Purity Iron		Fe 88.85-100%	n/a
Hot-Briquetted Iron	HBI	Various	n/a
Iron Ore Fines	IO Fines	Various	n/a
Iron Ore Lump	IO Lump	Fe 62-100%	6.3-38 mm
Iron Ore Pellets	IO Pellets	Various	n/a
Nodular Pig Iron	Nod Pig Iron	Fe 80-100%	n/a

Please note that the above listed sub-categories including its core content and size ranges are just a snapshot of Metalshub’s currently traded raw materials. We are adding new sub-categories on a monthly basis and would be happy to assess your specific requirements to this category.

Metalshub provides producers and consumers of iron ore and other iron products with a software solution to improve the way they buy or sell it. Our software connects over 2,000 companies in a joint trading network. This allows sellers to discover new buyers of iron and buyers to discover new suppliers of iron.

For buyers, Metalshub’s Procurement Solution allows steel mills and other consumers to digitalise their procurement process in order to increase sourcing efficiency, ensure compliant buying, and take data-driven decisions. For sellers, Metalshub’s Sales Solution allows miners, traders, and other sellers to digitalise their sales process, manage inventory, and optimise their sales book.

Iron ore prices are provided by several key platforms:

1. Fastmarkets: Fastmarkets offers journalistic price data and analysis for iron ore, including different grades like fines and other high-grade iron ore products. (Fastmarkets).
2. Argus Media: Argus provides journalistic price assessments for iron ore, covering key markets such as China and the Atlantic region (Argus Media). Likewise, they also offer prices for pig iron (Argus Media).
3. Shanghai Metals Market (SMM): SMM provides journalistic price updates for pig iron in the Chinese market, including foundry pig iron, with detailed data on price fluctuations across various regions in China ​(SMM). Likewise, they also provide data on iron ore prices (SMM).

Beyond these three examples, other providers may also provide prices.

The top producers of iron include:

• Australia – ~35% of global production
• Brazil – ~20% of global production
• China – ~15% of global production
• India – ~<10% of global production
• Russia – ~<10% of global production

Some of the key producers of iron include:

• Vale (Brazil) – ~15% of global production
• Rio Tinto (Australia) – ~<15% of global production
• BHP (Australia) – ~10% of global production
• Fortescue Metals Group (Australia) – ~<10% of global production
• ArcelorMittal (Luxembourg) – ~<10% of global production

Iron is mined from large open-pit mines, where iron ore is extracted and processed. The ore is crushed and separated to produce iron ore fines, lump ore, and pellets. These products are then used in blast furnaces to produce pig iron, which is the raw material for steelmaking. Iron can also be smelted in electric arc furnaces using scrap iron and steel.

Iron is primarily used in steelmaking (~90%), where it serves as the fundamental raw material. Process route and exact use case varies across iron ore types:

• Hematite (Fe₂O₃; ~70% Fe): Hematite is primarily used in blast furnaces for steel production due to its high iron content, which makes it ideal for direct shipping without requiring much beneficiation.
• Magnetite (Fe₃O₄; ~72% Fe): Magnetite is processed via magnetic separation and is often converted into pellets for use in electric arc furnaces and blast furnaces. It requires more processing than hematite but is highly valued for its iron content and magnetic properties​
• Limonite (FeO(OH)·nH₂O; ~40-60% Fe): Limonite is considered a lower-grade ore and is commonly used in cement production and occasionally in small-scale smelting.
• Siderite (FeCO₃; ~48% Fe): Siderite requires roasting to remove carbon dioxide before it can be used in steel production. Historically, it was used in early ironmaking. It is also used in hydrogen production due to its carbonate content​.
• Taconite (~20-30% Fe): Taconite is a low-grade iron ore that is processed into pellets after beneficiation. It is used in blast furnaces and direct-reduced iron (DRI) furnaces for steelmaking​.