Iron
transition metal · Group 8 · Period 4
Atomic properties
Market data
Raw material sources & pricing
| Raw Material Form | Grade/Quality | Price Paid by Steel Mills | Major Sources | Notes |
|---|---|---|---|---|
| Hematite Ore (Fe₂O₃) | 58-69% Fe | $90-130/MT | Australia, Brazil | Easiest to process, preferred ore type |
| Magnetite Ore (Fe₃O₄) | 25-40% Fe (concentrate: 65-70%) | $110-150/MT (concentrate) | Russia, China, USA | Requires beneficiation, magnetic separation |
| Iron Ore Pellets | 62-68% Fe | $140-180/MT | Brazil (Vale), Sweden (LKAB) | Premium product for direct reduction |
| Iron Ore Sinter Feed | 58-62% Fe | $85-115/MT | Australia, Brazil | Requires sintering before blast furnace |
| Direct Reduced Iron (DRI) | 90-94% Fe | $380-450/MT | India, Iran, Russia | For electric arc furnaces |
| Scrap Steel | Variable (80-95% Fe) | $350-450/MT | USA, EU, Japan | Secondary raw material, 30% of production |
Iron Ore - Primary Raw Material
Current Market Price: $95-125/MT CFR China (62% Fe content benchmark) Major Global Reserves: Australia: 53 billion MT (28% of world reserves) - Highest quality ore Brazil: 34 billion MT (18% of world reserves) - Premium grade ore Russia: 25 billion MT (13% of world reserves) China: 20 billion MT (11% of world reserves) - Lower grade ore 2025 Production Leaders: Australia: 910 million MT (38% of global production) Brazil: 450 million MT (19% of global production) China: 340 million MT (14% of global production - imports 1.2 billion MT) India: 260 million MT (11% of global production) Raw Material Form Grade/Quality Price Paid by Steel Mills Major Sources Notes Hematite Ore (Fe₂O₃) 58-69% Fe $90-130/MT Australia, Brazil Easiest to process, preferred ore type Magnetite Ore (Fe₃O₄) 25-40% Fe (
⚠️ Seawater Iron Extraction
Commercial Viability: NOT ECONOMICALLY VIABLE Concentration: 0.002-0.01 ppm (extremely low) Chemical Form: Fe(OH)₃ colloids and Fe³⁺ complexes Status: No commercial concentrated seawater iron form exists anywhere globally. The extremely low concentration, rapid oxidation and precipitation make extraction uneconomical compared to iron ore mining. Note: Iron precipitates rapidly as hydroxides in seawater pH, making recovery practically impossible.
Production cost analysis
| Cost Component | $/MT Steel | % of Total Cost | Notes |
|---|---|---|---|
| Iron Ore (1.6 MT needed) | $152-200 | 25-30% | Based on 62% Fe ore |
| Coking Coal (0.6-0.7 MT) | $120-180 | 20-25% | Premium hard coking coal |
| Energy (Electricity + Fuel) | $80-120 | 15-18% | See detailed breakdown below |
| Labor | $60-100 | 10-15% | Varies by country |
| Other Materials & Overhead | $88-150 | 15-20% | Limestone, alloys, maintenance |
| Total Production Cost | $500-750 | 100% | Compare to selling price: $600-900/MT |
Energy consumption breakdown
| Process Stage | Energy Consumption | % of Total Energy | Energy Type | Key Operations |
|---|---|---|---|---|
| Blast Furnace Route | 19-23 GJ/MT | 70% of global production | Coal/Coke | Iron reduction at 2000°C |
| - Coking | 3.5 GJ/MT | 15% | Coal | Coal to coke conversion at 1000°C |
| - Sintering/Pelletizing | 2.0 GJ/MT | 9% | Coal/Gas | Ore preparation at 1300°C |
| - Blast Furnace | 12-14 GJ/MT | 55% | Coke | Iron reduction, hot metal production |
| - BOF Steelmaking | 1.5 GJ/MT | 6% | Electricity/Oxygen | Refining at 1650°C |
| Electric Arc Furnace Route | 6-9 GJ/MT | 30% of global production | Electricity | Scrap/DRI melting |
| - EAF Operation | 2.5-3.5 GJ/MT | 40% | Electricity | Melting at 1600-1800°C |
| - Ladle Furnace | 0.5 GJ/MT | 8% | Electricity | Temperature adjustment, alloying |
Blast Furnace Process Details
Iron Ore Preparation: 10% - Crushing, screening Coke Production: 15% - Coal carbonization Hot Blast Generation: 8% - Air heating to 1200°C Reduction Process: 55% - Fe₂O₃ → Fe conversion Slag Formation: 5% - Impurity removal Gas Recovery: -7% credit - Blast furnace gas reuse
DRI/EAF Process Details
Natural Gas Reforming: 35% - H₂/CO production Shaft Furnace: 25% - Direct reduction at 900°C EAF Melting: 30% - Electric arc heating Refining: 5% - Composition adjustment Auxiliary Systems: 5% - Material handling, cooling
Commercial forms & specifications
| Product Form | Chemical Formula | Molecular Weight | Typical Purity | Price Range (USD/kg) | Main Applications |
|---|---|---|---|---|---|
| Hot Rolled Coil | Fe | 55.845 g/mol | 99.0-99.7% | $0.60-0.90 | Construction, automotive |
| Cold Rolled Sheet | Fe | 55.845 g/mol | 99.0-99.7% | $0.70-1.10 | Appliances, automotive body |
| Galvanized Steel | Fe + Zn coating | 55.845 g/mol | 98.5-99.5% | $0.80-1.20 | Construction, HVAC |
| Rebar | Fe | 55.845 g/mol | 98.5-99.5% | $0.55-0.75 | Concrete reinforcement |
| Wire Rod | Fe | 55.845 g/mol | 99.0-99.5% | $0.65-0.85 | Wire drawing, fasteners |
| Iron Powder (Reduced) | Fe | 55.845 g/mol | 98.0-99.5% | $0.80-2.50 | Powder metallurgy, magnets |
| Iron Powder (Atomized) | Fe | 55.845 g/mol | 99.0-99.9% | $1.50-5.00 | MIM, 3D printing |
| Carbonyl Iron Powder | Fe | 55.845 g/mol | 99.5-99.99% | $15.00-50.00 | Electronics, pharma, radar absorption |
| Iron(III) Oxide (Red) | Fe₂O₃ | 159.69 g/mol | 95-99% | $0.50-1.50 | Pigments, catalysts, polishing |
| Iron(II,III) Oxide | Fe₃O₄ | 231.53 g/mol | 95-99% | $0.80-3.00 | Magnetic materials, toner |
| Iron(II) Sulfate | FeSO₄·7H₂O | 278.01 g/mol | 98-99% | $0.15-0.30 | Water treatment, fertilizer |
| Iron(III) Chloride | FeCl₃·6H₂O | 270.30 g/mol | 97-99% | $0.30-0.60 | Water treatment, etching |
Suppliers by country
🇨🇳 China
| Company | Product Forms | Specialties |
|---|---|---|
| China Baowu Steel Group | HRC, CRC, galvanized, plates, rebar | World's largest steel producer (120 MT/year) |
| HBIS Group | Long products, plates, special steels | Automotive steel, high-strength steel |
| Shagang Group | Wire rod, rebar, sections | Long products specialist |
🇯🇵 Japan
| Company | Product Forms | Specialties |
|---|---|---|
| Nippon Steel | High-grade sheets, plates, pipes | Automotive steel, electrical steel |
| JFE Steel | Plates, sheets, pipes, powder | High-performance steel, iron powder |
🇮🇳 India
| Company | Product Forms | Specialties |
|---|---|---|
| Tata Steel | HRC, CRC, galvanized, long products | Automotive steel, branded products |
| JSW Steel | Coated products, plates, long products | Value-added products, color-coated steel |
| SAIL | Rails, structurals, plates | Infrastructure steel, special steels |
🇪🇺 Europe
| Company | Product Forms | Specialties |
|---|---|---|
| ArcelorMittal | All steel products, DRI, powder | Global leader, advanced high-strength steel |
| ThyssenKrupp | Flat steel, electrical steel, powder | Premium quality steel, carbonyl iron powder |
| SSAB | High-strength steel, wear plate | FOSSIL-FREE steel by 2026 |
🇺🇸 United States
| Company | Product Forms | Specialties |
|---|---|---|
| Nucor | Sheet, plate, bars, DRI | Mini-mill leader, recycled steel |
| U.S. Steel | Flat-rolled, tubular products | Advanced high-strength steel |
| Cleveland-Cliffs | HRC, CRC, plates, iron ore pellets | Integrated producer, automotive steel |
🇰🇷 South Korea
| Company | Product Forms | Specialties |
|---|---|---|
| POSCO | Automotive steel, electrical steel, plates | FINEX technology, high-quality steel |
| Hyundai Steel | Long products, plates, H-beams | Construction steel, automotive |
Market demand by product form
| Product Form | Global Market Size | China Market | USA Market | Growth Rate (CAGR) |
|---|---|---|---|---|
| Flat Products (Sheet/Plate) | $780 billion | 54% share | 5% share | 3.5% |
| Long Products (Bars/Sections) | $420 billion | 52% share | 6% share | 4.2% |
| Tubes & Pipes | $180 billion | 48% share | 8% share | 4.8% |
| Wire Products | $65 billion | 45% share | 7% share | 3.8% |
| Iron/Steel Powder (All Types) | $5.8 billion | 35% share | 18% share | 6.8% |
| - Reduced Iron Powder | $1.8 billion | 38% share | 15% share | 5.5% |
| - Atomized Iron Powder | $1.5 billion | 32% share | 20% share | 7.5% |
| - Carbonyl Iron Powder | $0.8 billion | 25% share | 22% share | 8.5% |
| Railway Products | $28 billion | 42% share | 5% share | 5.2% |
Market trends
Green Steel Revolution: H2-based DRI production increasing, SSAB's HYBRIT producing fossil-free steel China Capacity Cuts: Government mandating 50 MT capacity reduction, pushing consolidation EAF Growth: Electric arc furnace share reaching 47% in USA, 30% globally by 2025 Scrap Premium: High-quality scrap trading at premium due to decarbonization push Powder Metallurgy Boom: Iron powder demand growing 7% annually, driven by EV components Supply Chain Shifts: "Friend-shoring" of steel production, new capacities in India, Southeast Asia Carbon Border Adjustments: EU CBAM affecting $25 billion of steel trade flows Technology Innovation: Hydrogen-based iron reduction pilots scaling to commercial production
Moles per kilogram
| Product Form | Formula | MW (g/mol) | Moles/kg |
|---|---|---|---|
| Iron Metal | Fe | 55.845 | 17.91 |
| Iron(III) Oxide (Hematite) | Fe₂O₃ | 159.69 | 6.26 |
| Iron(II,III) Oxide (Magnetite) | Fe₃O₄ | 231.53 | 4.32 |
| Iron(II) Sulfate (hydrated) | FeSO₄·7H₂O | 278.01 | 3.60 |
| Iron(III) Chloride (hydrated) | FeCl₃·6H₂O | 270.30 | 3.70 |
References
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