|
The table presents comprehensive data on iron ore production, shipments, costs, values, imports, exports, and consumption for the United States, alongside global production figures. This information is critical for understanding the economic and industrial dynamics of the iron ore sector, which is a foundational raw material for steel manufacturing. Tracking these statistics helps policymakers, industry stakeholders, and analysts gauge supply and demand trends, cost fluctuations, and trade balances, all of which influence domestic mining operations, market competitiveness, and infrastructure development.
Analysis of the data reveals that U.S. iron ore production experienced fluctuations between 2019 and 2023, with gross weight production peaking at 47.9 million metric tons in 2021 before declining to 44.7 million metric tons in 2023. Iron content followed a similar pattern, reaching 30.3 million metric tons in 2021 and then decreasing to 28.2 million metric tons in 2023. Shipments rebounded strongly in 2023 to 46.4 million metric tons after a dip in 2022. The cost of mining rose from $13.30 per metric ton in 2019 to a high of $17.37 in 2022 before slightly easing to $16.84 in 2023, while beneficiation costs surged notably to $42.58 in 2023 from $33.23 in 2019. The average value at mines peaked at $156.42 per ton in 2022 but dropped to $120.36 in 2023, reflecting market price volatility. Exports remained relatively stable around 11 million metric tons in recent years, with values hovering near $1.1 billion. Imports showed modest fluctuations, with 3.54 million metric tons imported in 2023. Apparent consumption in the U.S. rebounded to 38.8 million metric tons in 2023 after a low of 30.3 million in 2020. Globally, iron ore production increased steadily from 2.38 billion metric tons in 2019 to 2.53 billion metric tons in 2023, underscoring sustained demand. Additionally, U.S. production of iron metallics rose consistently to 5.48 million metric tons in 2023, with exports nearly doubling from 844,000 metric tons in 2022 to 1.49 million metric tons in 2023, indicating growing international trade activity in processed iron products.
| TABLE 1 | |||||||||||
| SALIENT IRON ORE STATISTICS1 | |||||||||||
| (Thousand metric tons, gross weight, and thousand dollars, unless otherwise specified) | |||||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | |||||||
| Iron ore, usable: | |||||||||||
| United States: | |||||||||||
| Production: | |||||||||||
| Gross weight | 46900 | 37200 | r | 47900 | r | 40100 | r | 44700 | |||
| Iron content | 29800 | 23500 | r | 30300 | r | 25300 | r | 28200 | |||
| Shipments | 47000 | 37400 | r | 47600 | r | 40400 | r | 46400 | |||
| Value: | |||||||||||
| Cost of mining2 | dollars per metric ton | 13.3 | 14.21 | 14.38 | 17.37 | 16.84 | |||||
| Cost of beneficiation2 | do. | 33.23 | 35.62 | 32.57 | 43.6 | 42.58 | |||||
| Average value at mines2 | do. | 90.62 | 82.25 | 141.78 | 156.42 | 120.36 | |||||
| Reported value at mines | 4250000 | r | 3060000 | r | 6790000 | r | 6270000 | r | 5370000 | ||
| Exports: | |||||||||||
| Quantity | 11400 | 10400 | 14400 | 11400 | 11100 | ||||||
| Value | 982000 | 849000 | 1270000 | 1140000 | 1110000 | ||||||
| Imports for consumption: | |||||||||||
| Quantity | 3980 | 3240 | 3740 | r | 3030 | 3540 | |||||
| Value | 499000 | 389000 | 750000 | 613000 | 564000 | ||||||
| Consumption, apparent3 | 39800 | r | 30300 | r | 37300 | r | 32000 | r | 38800 | ||
| Stocks, December 31 | 3470 | 3230 | r | 3510 | r | 3250 | r | 1500 | |||
| World, production:4 | |||||||||||
| Gross weight | 2380000 | r | 2410000 | r | 2530000 | r | 2440000 | r | 2530000 | ||
| Iron content | 1490000 | r | 1490000 | r | 1570000 | r | 1500000 | r | 1560000 | ||
| Iron metallics: | |||||||||||
| United States: | |||||||||||
| Production: | |||||||||||
| Quantity5 | 3240 | r | 3350 | r | 5010 | 5240 | 5480 | ||||
| Value | 1090000 | r | 854000 | r | 2470000 | r | 2070000 | 1930000 | |||
| Exports: | |||||||||||
| Quantity | 959 | 1210 | 637 | 844 | 1490 | ||||||
| Value | 322000 | 308000 | 314000 | 333000 | 524000 | ||||||
| Imports for consumption: | |||||||||||
| Quantity | 3330 | r | 2850 | 3310 | r | 3410 | r | 3060 | |||
| Value | 877000 | r | 669000 | r | 1320000 | r | 1340000 | r | 963000 | ||
| World, production4 | 111000 | 105000 | 118000 | 126000 | 136000 | ||||||
rRevised. do. Ditto.
1Table includes data available through October 4, 2024. Data are rounded to no more than three significant digits; may not add to totals shown.
2As reported in the Minnesota Department of Revenue's annual Mining Tax Guide.
3Defined as production plus imports minus exports plus adjustments for industry stock changes.
4May include estimated data.
5As reported in the Midrex World Direct Reduction Statistics, may not include some saleable products.
Source: United States Geological Survey Mineral Resources Program
See also: Iron Ore statistics | Mineral commodity prices