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Iron Ore

98.88 USD/Mt -0.04 (-0.04%) (Last updated - July 15, 2026 11:59 PM UTC )

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July 15, 2026 11:59 PM UTC

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Iron, the most common element on earth (by mass), constitutes nearly 5% of the earth’s crust. Iron ore is a type of rock from which metallic iron can be economically extracted. Hematite and Magnetite are the two principal iron ores found in the earth.

Most of the iron ore deposits are found in sedimentary rocks. The ores are formed by the combination of iron and oxygen in fresh and marine water, through a chemical reaction. Nearly, all of the Earth’s iron ore deposits are found in rocks that were formed over 1.8 billion years ago.

Most of the iron ore that is mined, is mainly used for the production of iron, which is then used for manufacturing steel. More than 98% of the world's iron ore is used in blast furnaces to make pig iron, which is the primary ingredient for manufacturing steel. The remaining 2% is used in other applications like cement manufacturing and coal wash plants.

China, currently the leading consumer of iron ore, consumes more than half of the world’s total production, followed by Japan and Korea. At the same time, Australia and Brazil combinedly dominate the world’s total iron ore exports. As per the United States Geological Survey and Geoscience Australia, Australia contains around 25% of the world's total iron ore followed by Brazil (19%).

	Code	Company	Price	Chg	%Chg	High	Low	Volume	Market Cap
Basic Materials	AKO	AKO Akora Resources Ltd	0.084	0.004	5	0.084	0.084	95,107	18.261 M
Basic Materials	BCI	BCI BCI Minerals Ltd	0.400	0.005	1.266	0.402	0.395	474,965	1,160.344 M
Basic Materials	BCK	BCK Brockman Mining Ltd	0.012	0	0.00	0.012	0.012	8,178	111.363 M
Basic Materials	BHP	BHP BHP Group Ltd	57.540	1.6	2.705	57.770	57.000	9,890,995	300,472.009 M
Basic Materials	CIA	CIA Champion Iron Ltd	3.960	0.08	1.98	4.050	3.940	1,136,297	2,256.989 M
Basic Materials	CTM	CTM Centaurus Metals Ltd	0.440	0.01	2.222	0.460	0.430	483,102	254.982 M
Basic Materials	CUF	CUF Cufe Ltd	0.061	0.006	10.909	0.064	0.055	1,548,761	124.408 M
Basic Materials	DRR	DRR Deterra Royalties Ltd	4.220	0.06	1.402	4.370	4.190	1,170,391	2,266.074 M
Basic Materials	EFE	EFE Eastern Resources Ltd	0.032	0	0.00	0.032	0.032	71,531	4.149 M
Basic Materials	FEX	FEX FENIX Resources Ltd	0.270	0.01	3.571	0.282	0.270	743,637	211.938 M
Basic Materials	FHS	FHS Freehill Mining Ltd	0.002	0.001	100	0.002	0.001	5,082,848	8.133 M
Basic Materials	FMG	FMG Fortescue Ltd	18.870	0	0.00	18.900	18.630	4,760,283	58,100.072 M
Basic Materials	GEN	GEN Genmin Ltd	0.008	0	0.00	0.008	0.008	120,000	27.676 M
Basic Materials	GRR	GRR Grange Resources Ltd	0.145	0.005	3.333	0.145	0.142	435,085	173.601 M
Basic Materials	GWR	GWR GWR Group Ltd	0.096	0.004	4	0.100	0.096	917,450	31.572 M
Basic Materials	HAV	HAV Havilah Resources Ltd	0.750	0.04	5.063	0.775	0.735	451,372	279.599 M
Basic Materials	HAW	HAW Hawthorn Resources Ltd	0.072	0	0.00	0.072	0.072	--	24.121 M
Basic Materials	HIO	HIO Hawsons Iron Ltd	0.014	0	0.00	0.014	0.014	266,737	17.728 M
Basic Materials	HLX	HLX HELIX Resources Ltd	0.041	0	0.00	0.041	0.041	96	7.890 M
Basic Materials	IRD	IRD Iron Road Ltd	0.013	0	0.00	0.014	0.013	638,517	10.923 M
Basic Materials	JNO	JNO Juno Minerals Ltd	0.025	0	0.00	0.026	0.025	6,242	5.231 M
Basic Materials	LCY	LCY Legacy Iron Ore Ltd	0.005	0.001	16.667	0.005	0.005	36,666	48.810 M
Basic Materials	MGT	MGT Magnetite Mines Ltd	0.018	0	0.00	0.018	0.017	951,561	4.103 M
Basic Materials	MGU	MGU Magnum Mining and Exploration Ltd	0.006	0	0.00	0.006	0.006	200,000	19.278 M
Basic Materials	MGX	MGX Mount Gibson Iron Ltd	0.330	0	0.00	0.340	0.330	64,329	389.542 M
Basic Materials	MIN	MIN Mineral Resources Ltd	56.780	1.52	2.607	57.375	55.800	1,360,288	11,574.722 M
Basic Materials	MIO	MIO Macarthur Minerals Ltd	0.019	0	0.00	0.019	0.019	--	7.104 M
Basic Materials	PFE	PFE Pantera Lithium Ltd	0.018	0.001	5.263	0.019	0.018	1,676,651	9.363 M
Basic Materials	PLG	PLG Pearl Gull Iron Ltd	0.031	0	0.00	0.031	0.031	--	6.341 M
Basic Materials	RHI	RHI Red Hill Minerals Ltd	4.650	0.02	0.428	4.700	4.650	4,432	298.665 M
Basic Materials	RIO	RIO RIO Tinto Ltd	160.950	3.94	2.39	162.890	159.750	2,153,086	268,152.717 M
Basic Materials	SRK	SRK Strike Resources Ltd	0.024	0.001	4	0.026	0.024	164,074	7.094 M
Basic Materials	TI1	TI1 Tombador Iron Ltd	0.360	0.005	1.37	0.365	0.358	509,634	1.184 M
Basic Materials	VMS	VMS Venari Minerals NL	0.085	0	0.00	0.085	0.085	--	9.149 M

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Frequently Asked Questions

1. What is pig iron?

Pig iron is a form of crude iron and an intermediate product formed during the production of steel. It is obtained by smelting iron ore in the blast furnace and contains a high amount of carbon content, which typically ranges from 3.5 to 4.5%, making it brittle. Pig iron is used as the raw material for making steel. Oxygen is blown through the molten pig iron to lower its carbon content and convert it into steel. It takes about 1.6 tons of iron ore to produce one ton of steel.

2. How is steel produced from iron ore?

The production of steel from iron ore requires mixing it with superheated metallurgical coal in a blast furnace. After that, superheated air with temperature ranging around 1,200 degrees Celsius is injected into the furnace to create a flame of nearly 2,000-degree Celsius temperature, which converts iron ore into molten pig iron and slag. Impurities are then removed, and alloys are added to cast the steel which is further cooled and rolled to be used as finished products.

3. How is iron ore mined?

The process of mining iron ore is very much similar to the extraction of other minerals. Firstly, the company holding the licence area explores the geology of the region to identify the best prospects for mining operations. After the identification of the ideal site, the ore is drilled and blasted, and transported to the primary crusher for processing. Then, the crushed ore is sorted in the form of lumps and fines, as per the screen size. A stacker then builds a stack in the stockyards to make the ore ready for transportation. Iron ore is then transported to trains with the help of conveyors and ultimately loaded in ships for export.

4. Which countries are the largest producers of iron ore in the world?

Iron ore is mined in more than 50 countries. The seven largest producers of the world account for around three-quarters of the world's total iron ore production. As per the United States Geological Survey (USGS) 2020 estimates, Australia is the leading iron ore producer followed by Brazil, China, India, and Russia. Based on crude ore reserves as well, Australia and Brazil are the leaders followed by Russia and China.

5. Where are the biggest iron ore sources located in Australia and who are the key players?

The Pilbara region of Western Australia is the key iron ore producing region followed by significant deposits in South Australia. There are hundreds of iron ore mining companies in Australia but among them, Rio Tinto (ASX:RIO), BHP Group (ASX:BHP), and Fortescue Metals Group Limited(ASX:FMG) are the leading players in the country.