Australia dominates global iron ore reserves
Australia holds the world's largest identified crude iron ore reserves, with an estimated 58 billion metric tons, according to the U.S. Geological Survey's Mineral Commodity Summaries 2025, reinforcing its position as the backbone of the global iron ore trade.
Main Points
- Australia holds the world's largest iron ore reserves.
- Russia and Brazil rank second and third in global reserves.
- Iron ore remains the essential raw material for steel production.
Australia holds the world's largest identified crude iron ore reserves, with an estimated 58 billion metric tons, according to the U.S. Geological Survey's Mineral Commodity Summaries 2025, reinforcing its position as the backbone of the global iron ore trade.
The country's vast reserves are concentrated in Western Australia's Pilbara region, home to some of the world's largest open-pit mines operated by companies including Rio Tinto, BHP and Fortescue. Australia is also the world's largest iron ore exporter, supplying major steel-producing nations, particularly China.
Russia ranks second with 35 billion metric tons, narrowly ahead of Brazil with 34 billion metric tons. Brazil's reserves are largely found in the mineral-rich state of Pará, including the Carajás complex, one of the highest-grade iron ore deposits ever discovered.
Although China ranks fourth with 20 billion metric tons of crude iron ore reserves, it remains the world's largest importer of the commodity because much of its domestic ore is lower grade than supplies from Australia and Brazil.
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According to the USGS, China's steel industry consumes more iron ore than any other country, making imports critical for sustaining construction, infrastructure and manufacturing.
Ukraine ranks fifth with 6.5 billion metric tons, followed by Canada with 6 billion, India with 5.5 billion, Iran with 3.8 billion, the United States with 3.6 billion, and Peru with 2.6 billion.
Iron ore is the principal raw material used in steelmaking, with the World Steel Association estimating that around 98% of mined iron ore is used to produce steel.
Steel remains essential for construction, transport, energy infrastructure, machinery and manufacturing, making access to large iron ore reserves strategically important for national economies.
According to the USGS, global iron ore resources remain abundant, but production continues to be concentrated in a relatively small number of countries with large, high-quality deposits and well-developed mining infrastructure.
This story is written and edited by the Global South World team, you can contact us here.
