The Periodic Table of Scarcity and Abundance Fe Iron
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Iron: Who controls it

Who controls the supply, and who depends on it?

Australia mined 38% of the world's iron in 2025. Steelmaking is more concentrated: China made 52% of the world's steel and bought about 72% of the ore traded. Iron is on the UK critical list only.

Last updated 3 October 2026.

How concentrated supply is

Mine production, 2025

Australia 38%. Top three countries 66%. HHI at least 2,000, highly concentrated.1

Crude steel, 2025

China 52%. Top three countries 65%. HHI at least 2,900, highly concentrated.2

HHI is the Herfindahl-Hirschman index: the sum of each country's squared percentage share. We compute it from the country table. We leave out the rest of the world, so the true value can be a little higher. In the 2023 US merger guidelines, above 1,800 is "highly concentrated". In older guidelines, 1,000 to 1,800 was "moderately concentrated". Those guidelines are for companies, not countries.3 More on the method.

  • Mining (iron content, 2025): Australia had 38% of world output (600 of 1,600 million tonnes). The top three, Australia, Brazil and India, had 66%1. The Herfindahl-Hirschman index (HHI, the sum of the squared percentage shares) is about 2,000. We computed it from the USGS table without the “other countries” row.
  • Steelmaking (crude steel, 2025): China had 52% (961 of 1,849 million tonnes). The top three, China, India and the United States, had 65%2. The HHI is about 2,900, computed the same way from the worldsteel table of the 15 largest producers.
  • Pig iron (2025): China had about 66% (836 of 1,271 million tonnes)2.
  • Reserves (iron content): Australia had 31%. The top three, with Brazil and Russia, had 64%1.

Rio Tinto shipped 326 million tonnes of Pilbara ore in 2025, about an eighth of world usable ore output41. BHP sold 289 million tonnes from Western Australia and Fortescue 202 million5. In steel, the largest company, China Baowu Group, made 125 million tonnes, about 7% of world output2.

Who depends on it

Australia exported 902 million tonnes of ore in 2024 and Brazil 389 million tonnes2. China imported 1,238 million tonnes, 72% of world imports5. China, India and Russia also mine large amounts of ore, but they use most of it in their own steel plants5.

Other large steelmakers buy most of their ore abroad. Japan imported 96 million tonnes and South Korea 69 million tonnes5.

The United States is a net exporter of iron ore and of scrap16. It imports steel mill products, mainly from Canada, Mexico and Brazil7.

How governments treat it

List On the list
EU critical raw materials (2023) No Coking coal is listed. Iron and iron ore are not. 8
EU strategic raw materials (2023) No Every strategic raw material is also on the critical list, and iron is not on the critical list. 8
US critical minerals (USGS, 2025) No Metallurgical coal, used to make iron in blast furnaces, was added in 2025. 9
US critical materials for energy (DOE, 2023) No Electrical steel is listed as a non-elemental critical material. 10
UK critical minerals (2024) Yes Iron is one of 34 critical minerals from the 2024 assessment. It is not one of the UK's 'growth minerals'. 11

Iron is not on the EU, US or US Department of Energy lists of critical materials. It is on the UK list11. The UK did not also class iron as a “growth mineral”, because its main use is steelmaking11.

Two inputs to steel are listed where iron is not. The EU lists coking coal8. The US added metallurgical coal in 20251. The US Department of Energy lists electrical steel10.

Trade rules matter more for steel. The US section 232 steel tariff went to 25% for all countries in March 2025 and to 50% in June 20257. From 6 April 2026 the duty applies to the full value of steel goods, not only their steel content12. Iron ore and scrap enter duty free1.

From 1 January 2026, EU importers of iron and steel must buy CBAM certificates for the carbon emitted to make them13. From the same date China requires export licences for certain steel products14. In its 2026 plan report, China’s National Development and Reform Commission says that in 2025 China acted to “regulate crude steel output”15.

Sources

  1. 1

    U.S. Geological Survey (C.C. Tuck), 2026. Iron Ore, in Mineral Commodity Summaries 2026 , p. 2, World Mine Production and Reserves table; World Resources.

    World mine production, reserves and resources of iron ore and its iron content, 2024 and 2025.

    • Australia Brazil Canada Chile China India ... 982,000 980,000 607,000 600,000 428,000 420,000
    • Australia Brazil Canada Chile China India … 982,000 980,000 607,000 600,000 428,000 420,000 … 2,600,000 2,600,000 1,600,000 1,600,000
    • Australia … 59,000 … 27,000 … Brazil … 34,000 … 15,000 … Russia … 35,000 … 14,000
    • Crude ore Iron content … 200,000 … 87,000
    • Usable ore Iron content … 2,600,000 2,600,000
    • E Net exporter
    • Metallurgical coal was added because of its role in the smelting and refining of iron ore into steel
    • 2601.20.0000 Free.
  2. 2

    World Steel Association (worldsteel), the steel industry's association, 2026. World Steel in Figures 2026 , Sustainability indicators; Top 50 companies; Major steel-producing countries; Production by process; Pig iron; DRI; Iron ore 2024; Steel use by sector (p. 30).

    Crude steel, pig iron and DRI output by country, top companies, iron ore trade, emissions and energy per tonne of steel.

    • Major steel-producing countries 2024 and 2025 ... 960.8 164.9 81.9 80.7
    • China … 960.8 … World … 1848.9
    • 960.8 164.9 81.9 80.7
    • 836.0 … 1 271.2
    • 1 China Baowu Group 124.76
    • Iron ore 2024 … 389.2 … 901.6
  3. 3

    U.S. Department of Justice and Federal Trade Commission, 2023. Merger Guidelines , Guideline 1, p. 5 and footnote 15.

    Defines the Herfindahl-Hirschman index; above 1,800 is highly concentrated. Footnote 15 gives the older band of 1,000 to 1,800 as moderately concentrated.

  4. 4

    Rio Tinto, 2026. Final Results: 2025 annual results (regulatory announcement, RNS) , Iron Ore section.

    Pilbara shipments, unit cash cost and realised price in 2025; first Simandou shipment.

    • Pilbara shipments (million tonnes - 100%) 326.2
  5. 5

    Western Australian Treasury Corporation, 2026. Western Australia Iron Ore Profile: January 2026 .

    Western Australia's iron ore royalties, jobs, exports and buyers, world imports, and the output of Rio Tinto, BHP and Fortescue.

    • iron ore sales volumes from Western Australia fell 0.1% to 289 million tonnes in 2025 … iron ore shipments from Western Australia rose 3.8% to 202 million tonnes in 2025
    • China imported 1,238 million tonnes (72% of global iron ore imports)
    • China, India and Russia are other major global iron ore producers but retain most of the iron ore they produce for domestic steel manufacturing
    • Japan imported 96 million tonnes (6% of global iron ore imports) … South Korea imported 69 million tonnes (4% of global iron ore imports)
  6. 6

    U.S. Geological Survey (C.C. Tuck), 2026. Iron and Steel Scrap, in Mineral Commodity Summaries 2026 , p. 1, Recycling.

    US scrap recycling rates by end use and the raw materials saved by recycling.

    • E Net exporter
  7. 7

    U.S. Geological Survey (C.C. Tuck), 2026. Iron and Steel, in Mineral Commodity Summaries 2026 , p. 2, World Production table; Events, Trends, and Issues; Substitutes.

    World pig iron and raw steel output, US tariffs, substitutes.

    • Import Sources (2021–24): Canada, 23%; Mexico, 15%; Brazil, 13%
    • tariffs increased to a rate of 25% for all countries in March 2025 … In June, tariffs on steel products imported to the United States were increased to 50% for all countries
  8. 8

    European Commission, 2023. Critical raw materials , Fifth list 2023 of critical raw materials.

    The 34 EU critical raw materials, including coking coal and not iron.

    • Bauxite Coking Coal Lithium
    • are included on the CRM list as strategic raw materials in line with the Critical Raw Materials Act
  9. 9

    U.S. Geological Survey, 2025. About the 2025 List of Critical Minerals .

    The 60 minerals on the final 2025 US list.

    • Metallurgical coal , used in steel production
  10. 10

    U.S. Department of Energy, 2023. What Are Critical Materials and Critical Minerals? .

    The 2023 DOE critical materials list, including electrical steel.

    • NON-ELEMENTAL CRITICAL MATERIALS (DOE) ... Electrical Steel
    • NON-ELEMENTAL CRITICAL MATERIALS (DOE) … Electrical Steel
  11. 11

    UK Department for Business and Trade, 2025. Critical Minerals technical annex (Vision 2035, UK Critical Minerals Strategy) , Annex 1, Complete list of UK critical minerals.

    The 34 UK critical minerals from the 2024 criticality assessment, including iron.

    • 2024 Criticality Assessment, is as follows: ... iridium iron lithium
    • 2024 Criticality Assessment, is as follows: … iridium iron lithium
    • such as iron and zinc, have not been classed as growth minerals. This is primarily driven by their predominant use in steelmaking
  12. 12

    The White House (Federal Register document 2026-06960), 2026. Proclamation 11021: Strengthening Actions Taken To Adjust Imports of Aluminum, Steel, and Copper Into the United States , Clauses 8 and 9; section 1(1) and 1(2), effective 6 April 2026.

    Section 232 duties on steel and steel goods charged on the full customs value from 6 April 2026.

    • shall apply to the full customs value of the imported product, regardless of metal content
  13. 13

    European Commission (Taxation and Customs Union), 2026. Carbon Border Adjustment Mechanism .

    CBAM covers iron and steel and applies in its definitive regime from 1 January 2026.

    • CBAM applies in its definitive regime from 1 January 2026 … purchase and surrender of CBAM certificates corresponding to the embedded carbon emissions of imported goods … cement, iron and steel, aluminium
  14. 14

    Xinhua, 2025. China to implement export license management for certain steel products .

    Export licences for certain steel products from 1 January 2026, announced by the Ministry of Commerce and the General Administration of Customs.

    • China will manage exports of certain steel products through an export licensing system from Jan. 1, 2026
  15. 15

    National Development and Reform Commission (China), published by China.org.cn, 2026. Report on the Implementation of the 2025 Plan for National Economic and Social Development and on the 2026 Draft Plan (full text) .

    English text of the national plan report of March 2026, including the steps on crude steel output in 2025.

    • We took solid steps to regulate crude steel output, advancing reduction and replacement of production capacity