Reduced iron and sponge iron trade by country: top importers, exporters and prices
World trade in reduced iron and sponge iron was worth $4.80 billion in 2024, about 16.09 million tonnes. That is an increase of 53% since 2017, and down 9% on 2023.
Public statistics, latest complete year (2024). Values in US dollars. Page updated .
World trade by year, 2017-2024
Hover or tap a year for detail.
Year by year
| Year | Value | Quantity |
|---|---|---|
| 2024 | $4.80B | 16.09M t |
| 2023 | $5.26B | 9.98M t |
| 2022 | $7.52B | 21.38M t |
| 2021 | $7.04B | 20.14M t |
| 2020 | $3.24B | 12.10M t |
| 2019 | $3.45B | 12.13M t |
| 2018 | $3.84B | 11.77M t |
| 2017 | $3.14B | 11.14M t |
Top reduced iron and sponge iron exporting countries
Exports are led by Russia (18%), Oman (16%) and Trinidad and Tobago (14%). 96 countries reported exports, and the top three account for 49%.
| Exporter | Value | Share |
|---|---|---|
| Russia | $875.5M | 18% |
| Oman | $791.1M | 17% |
| Trinidad and Tobago | $667.0M | 14% |
| United States | $596.1M | 12% |
| India | $494.3M | 10% |
| Libya | $263.5M | 5.5% |
| Sweden | $237.8M | 5% |
| Malaysia | $237.5M | 4.9% |
| Venezuela | $105.5M | 2.2% |
| Qatar | $66.5M | 1.4% |
| Belgium | $61.3M | 1.3% |
| Iran | $57.1M | 1.2% |
Top importing countries and buyer markets
The largest importers are Saudi Arabia (23%), the United States (14%) and Turkey (8%). 147 countries imported it, and the top three take 44% of the value.
| Importer | Value | Share |
|---|---|---|
| Saudi Arabia | $1.09B | 23% |
| United States | $672.8M | 14% |
| Turkey | $374.6M | 7.8% |
| Nepal | $308.6M | 6.4% |
| Italy | $234.3M | 4.9% |
| Austria | $221.8M | 4.6% |
| Germany | $209.1M | 4.4% |
| India | $184.5M | 3.8% |
| Mexico | $184.2M | 3.8% |
| Vietnam | $128.0M | 2.7% |
| Bangladesh | $121.8M | 2.5% |
| Kuwait | $107.3M | 2.2% |
Average price per kg
The world average declared value was about $0.30 per kg in 2024. Among the main exporters, Trinidad and Tobago averaged $0.40 per kg and Sweden $0.17 per kg, so grade and origin matter.
Declared value divided by weight, all 2024 shipments worldwide. Prices per shipment and per company are in EximDataX.
Who is behind these numbers in this market?
Public statistics stop at country totals and the last published year. EximDataX shows the shipment records underneath: the companies, dates, quantities and declared values, updated weekly.
Shipment records are in the platform
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Source: CEPII BACI (reconciled UN Comtrade data), HS 2017 edition, release 202601, Etalab Open Licence 2.0. Annual values in US dollars at the customs border; quantities in tonnes where reported. HS 7203: Ferrous products obtained by direct reduction of iron ore and other spongy ferrous products, in lumps, pellets or the like; iron having a minimum purity of 99.94%, in lumps, pellets or similar forms. HS 7203 codes.
Common questions
Which countries export the most reduced iron and sponge iron?
Russia exported $875.5 million in 2024, 18% of the world total, followed by Oman (16%) and Trinidad and Tobago (14%). In all, 96 countries reported exports of this product. The full ranking and map are on this page.
Which countries import the most reduced iron and sponge iron?
Saudi Arabia imported $1.09 billion in 2024, 23% of world imports, ahead of the United States (14%) and Turkey (8%). The top three importers together take 44%. Each country with its own page is linked from the table.
How big is the world trade in reduced iron and sponge iron?
It was worth $4.80 billion in 2024, about 16.09 million tonnes. That is an increase of 53% since 2017. The peak year was 2022 at $7.52 billion. 96 countries reported exports and 147 reported imports.
What is the average price of reduced iron and sponge iron per kg?
The world average declared value was about $0.30 per kg in 2024. Among the main exporters, Trinidad and Tobago averaged $0.40 per kg and Sweden $0.17 per kg, so grade and origin matter. It is total declared value divided by total weight, so treat it as a benchmark, not a quote.
What is the HS code for reduced iron and sponge iron?
The HS code for reduced iron and sponge iron is heading 7203, in chapter 72 (iron and steel). Customs uses this code worldwide at the six-digit level; national tariffs add more digits. The full list of codes is on the HS 7203 page.
How can I find reduced iron and sponge iron buyers and suppliers?
Public statistics stop at country totals. EximDataX shows the importers and exporters behind this trade from shipment-level customs records, updated weekly, with direct customs feeds and mirror data. Tell us your product and we will show you the latest records on a live call.
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