Global spending on imported iron ore reached approximately US$166.3 billion in 2025, highlighting the continued importance of iron ore as the primary raw material for steel production. Although demand remained substantial, the market experienced a decline in value compared with the previous year due to lower international prices and softer purchasing activity.

China's iron ore imports in June are expected to hit the highest monthly volume of the year, revealing a resilience that the struggling steel sector itself appears to lack. According to commodity analytics firms London Stock Exchange Group (LSEG) and Kpler, China—which purchases around 75% of the world's seaborne iron ore—is projected to import close to 110 million metric tons of this key steelmaking raw material. These soaring iron ore imports underscore how demand remains strong despite broader industry weakness.

In 2024, global iron ore imports amounted to approximately US$181 billion. This marks a 2.5% decline from the $185.7 billion recorded in 2023, signaling a slight downturn in international demand.