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It is primarily used by the construction, engineering, automotive, and machinery industry, often as the main ingredient in steel. Thus, the supply of iron ore is an important factor for the global economy. Based on the production of usable iron ore, Australia and Brazil are some of the largest producers in the world.
Top Iron Ore Producing Countries In The World. Much of the iron ore mined are oxide compounds of Magnetite (Fe 3 O 4 ), Hematite (Fe 2 O 3) Goethite (Fe 2 O 3 SH 2 O), and Limonite. Magnetite is composed of 72% iron, Hematite is 70% iron, Goethite is 63% iron, and Limonite is 60% iron.
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For these reasons, iron ore production is concentrated in the hands of a few major players. World production averages two billion metric tons of raw ore annually. The world's largest producer of iron ore is the Brazilian mining corporation Vale, followed by AngloAustralian companies Rio Tinto Group and then BHP Billiton.
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Among member companies of the China Iron and Steel Association (CISA), predominantly largescale producers, the average grade of crude ore was percent in 2014 and members accounted for 21 percent of China's iron ore production in 2013 (China Steel Yearbook Editorial Board, 2015).
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Iron Ore Statistics and Information. Iron ore is the source of primary iron for the world's iron and steel industries. It is therefore essential for the production of steel, which in turn is essential to maintain a strong industrial base. Almost all (98%) iron ore is used in steelmaking. Iron ore is .
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