Iron Ore Imports and Major Port Overview
Iron ore is the most traded commodity in the world and it is the key raw material for producing steel. In 2019, global iron ore imports amounted to an estimated 1.19 billion tonnes, an increase from the previous year. China is the world’s largest importer of iron ore and has been responsible for almost half of global imports.
Iron ore imports provide an important source of income for many export economies, such as Australia, Brazil and South Africa. Australia is the largest exporter of iron ore, accounting for more than half of global exports in 2019. Other major iron ore exporters include Brazil, India and South Africa. China is the most significant source of iron ore imports, accounting for around 70% of global imports in 2017.
In 2019, China’s iron ore imports amounted to around 782.5 million tonnes, an increase of more than 8% from the previous year. China’s iron ore imports increased in line with domestic steel production, which also grew by more than 8% in the same year. India is the second largest importer of iron ore in the world, with imports estimated at 180 million tonnes in 2019. Other major iron ore importing countries include Japan, South Korea and the European Union.
Iron ore imports are typically handled in major port terminals around the world. In the case of China, the major port terminals handling iron ore are at Dalian, Qinhuangdao, Rizhao, Shanghai, Tianjin and Xiamen. In India, major ports handling iron ore imports include Chennai, Kolkata, Kandla, Paradip and Visakhapatnam. Other major iron ore ports include the Port of Saldanha Bay in South Africa, the Port of Espirito Santo in Brazil and the Port of Abbot Point in Australia.
In conclusion, iron ore imports are significant to global trading and the economies of many exporters. China is the world’s largest importer of iron ore and is responsible for almost half of global imports. Other major iron ore importers include India, Japan, South Korea and the European Union. Major port terminals around the world are utilized for handling iron ore imports, with major ports located in China, India, South Africa, Brazil and Australia.
