Iron is a type of transition metal used for multiple purposes in industrial sectors ranging from bridge construction and pylons to alloy steel productions like carbon with a variety of additives including nickel, chromium, vanadium, tungsten, and manganese. It is a chemical element in the periodic table with atomic no 26 and symbol Fe; the basic constituents are the four isotopes of iron that is iron 56, iron 54, iron 57, and iron 58 with a percentage of 91.66%, 5.82%, 2.19% and 0.33%. This precious metal is mined by the open pit mining industries from two types of deposits hematite and magnetite.

The multipurpose benefits of this metallic essential have led to a hike of 8% in the consumption rate of this precious metal. The total consumption rate of 2.6 billion metric tons increases the global import of this vulnerable element. Ranging from normal households to vast industrial and manufacturing industries iron metal contributes a significant share in the livelihood of mankind. Import and Export Trade values of iron showcase the rising demand for this metal across the globe; the total trade amount of 2023 is 150 billion US dollars according to the Global Iron Customs Shipment Data with individual import and export values of 53 billion US dollars and 85 billion US dollars.

Top 10 Iron Importers of 2023

The top global traders are importing more amount of iron from different estates to increase their productivity rate. According to the Global Iron Trade Data, the top countries with the highest import values of iron in 2023 are discussed below,

• China – Total Iron Import Rate of 2023 – 96 billion, Total share in trade- 34%

• Japan – Total Iron Import Rate of 2023 – 14 billion, Total share in trade- 13%

• South Korea – Total Iron Import Rate of 2023 – 11 billion, Total share in trade- 8%

• Germany – Total Iron Import Rate of 2023 – 10 billion, Total share in trade- 7%

• United States – Total Iron Import Rate of 2023 – 9 billion, Total share in trade- 6%

• Italy – Total Iron Import Rate of 2023 – 8 billion, Total share in trade- 5%

• France – Total Iron Import Rate of 2023 – 7 billion, Total share in trade- 4%

• Spain – Total Iron Import Rate of 2023 – 6 billion, Total share in trade- 3%

• Turkey – Total Iron Import Rate of 2023 – 5 billion, Total share in trade- 2%

• United Kingdom – Total Iron Import Rate of 2023 – 4 billion, Total share in trade- 1%

Top 10 Global Iron Exporters of 2023

The increased global demand for this industrial essential has made the top global traders export it at a higher rate to cater the economic growth. Automotive industries along with manufacturing and construction industries are increasing their rate of productivity with their tech-specified techniques to emerge as a top global iron trader. As per the Global Iron Export Import Data, the top 10 exporters with their export trade rates and shares are discussed below,

• Australia – Total Iron Export Rate of 2023 – 82 billion US dollars, Total share in trade – 30%

• Brazil – Total Iron Export Rate of 2023 –50 billion US dollars, Total share in trade – 22%

• South Africa – Total Iron Export Rate of 2023 – 9 billion US dollars, Total share in trade – 12%

• Canada – Total Iron Export Rate of 2023 – 7 billion US dollars, Total share in trade – 8%

• Ukraine – Total Iron Export Rate of 2023 – 6 billion US dollars, Total share in trade – 7%

• Russia – Total Iron Export Rate of 2023 – 5 billion US dollars, Total share in trade – 6%

• Sweden – Total Iron Export Rate of 2023 – 3 billion US dollars, Total share in trade – 4%

• India – Total Iron Export Rate of 2023 – 2.5 billion US dollars, Total share in trade – 3%

• Iran – Total Iron Export Rate of 2023 – 1.8 billion US dollars, Total share in trade – 2%

• Mexico – Total Iron Export Rate of 2023 – 1.7 billion US dollars, Total share in trade – 1%

Top 10 Global Leading Producers of Iron 2023

Due to the increased global demand for iron, the popular industries across the globe are focusing more on the production of iron to get a significant hike in their trade rate. The companies with the highest productivity rates are inducing tech-specified technologies for efficient production says the Iron Customs Data; the top leading producers of iron are,

• Vale S.A – Headquartered in – Brazil – Total production of 2023 – 300 million tonnes.

• Rio Tinto – Headquartered in - Australia– Total production of 2023 – 290 million tonnes.

• BHP Group – Headquartered in – Australia – Total production of 2023 – 270 million tonnes.

• Fortescue Metals Group Ltd – Headquartered in - Australia– Total production of 2023 – 170 million tonnes.

• China Baowu Steel Group Corp Ltd – Headquartered in - China– Total production of 2023 – 130 million tonnes.

• Anglo American PLC – Headquartered in – United Kingdom – Total production of 2023 – 60 million tonnes.

• ArcelorMittal SA – Headquartered in – Luxembourg – Total production of 2023 – 50 million tonnes.

• FMG – Headquartered in – Australia – Total production of 2023 – 38 million tonnes.

• LKAB – Headquartered in – Sweden – Total production of 2023 – 27 million tonnes.

• Cliff’s Natural Resources – Headquartered in – United States – Total production of 2023 – 18 million tonnes.

FAQ’s

Que. What is the total global consumption rate of iron in 2023?
Ans. The total global consumption rate of iron in 2023 is 2.6 billion metric tons.

Que. Who is the top exporter of iron in 2023?
Ans. Australia with an export trade rate of 82 billion US dollars became the highest exporter of iron in 2023.

Que. What is the overall trade value of iron in 2023?
Ans. The overall import and export trade value of iron in 2023 is 150 billion US dollars.

Que. Where can you get the detailed trade analysis of Iron 2023?
Ans. At Import Globals, you can get a detailed trade analysis of iron in 2023.

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