Public statistics summary
Iron and steel statistics
In response to the proposal for a statistics summary focussing on OBMs to include on the IIMA website for public access, Robert Mazurak’s conclusions:
- For proper perspective on OBM production and trade, the draft tabular data set should include figures from worldsteel, Midrex, USGS and IIMA (ISSB revised)
- Keeping the data to annual totals for each product; website data would be a moving 3-year table with a forecast for the current year
- Despite the yearly decline in some numbers, it is important to demonstrate changes in DRI/HBI production as a percent of total iron production.
The 2022-2025 ISSB data are essentially complete as of June release from ISSB. Forecasts for current year are by IIMA Trade Statistics Taskforce, using its judgement of year-to-date values (annualized) and/or variances from prior year data for the same period.
The Statistics Taskforce
IIMA operates a statistics taskforce and provides its members with detailed quarterly statistics reports covering imports and exports of merchant pig iron, DRI & HBI, Iron Ore (all-grades, agglomerates and DR-Grade pellets). Whilst IIMA members can access the raw global trade statistics data as it is released via IIMA’s subscription with the International Steel Statistics Bureau (ISSB) – including ferrous scrap and dating back to 2012 – the taskforce scrutinizes the data, analysing it for any reporting errors or omissions and offering a robust and expert reviewed data source in clear formats for accessibility.
Disclaimer
While IIMA’s trade statistics are based on data acquired from ISSB, amended as appropriate with our own estimates, they represent the best of our knowledge and judgement at the time of release and can be subject to change in subsequent editions. Readers are therefore cautioned not to place undue reliance on these statistics. IIMA accepts no responsibility for any business decisions taken based on the data in this publication.
Global iron production (Mt)
| 2023 | 2024 | 2025 | 2026f | |
|---|---|---|---|---|
| Crude Steel1 | 1,904 | 1,887 | 1,850 | 1,826 |
| Pig Iron1 | 1,312 | 1,297 | 1,265 | 1,249 |
| DRI/HBI3 | 138 | 144 | 151 | 141 |
| Total Iron | 1,450 | 1,441 | 1,416 | 1,390 |
| DRI/HBI % of Total Iron | 9.5% | 10.0% | 10.7% | 10.1% |
| Iron Ore2 | 2,530 | 2,600 | 2,600 | 2,700 |
Global trade (Mt)
| 2023 | 2024 | 2025 | 2026f | |
|---|---|---|---|---|
| Merchant Pig Iron (MPI) | 10.8 | 10.5 | 12.6 | 10.3 |
| DRI/HBI | 6.7 | 7.8 | 7.7 | 6.7 |
| Total OBMs4 | 17.5 | 18.3 | 20.3 | 17.0 |
| Iron Ore (all grades) | 1,583 | 1,642 | 1,662 | 1,725 |
| Iron Ore (agglomerated) | 110 | 115 | 110 | 100 |
Data sources
- worldsteel, 2026 forecast based on latest SRO percentage increase in steel use
- U.S. Geological Survey MCS through 2025, 2026 forecast by IIMA Trade Stats Taskforce
- Midrex through 2025, 2026 forecast by IIMA Trade Stats Taskforce
- IIMA (ISSB Import data with revisions as necessary)
2026 forecast assumptions
- Crude steel and pig iron output for the first seven months of 2026 is slightly lower y-o-y. The forecast assumes that the variance will widen marginally by the end of the year due to plants being taken offline due to conflict or losses.
- DRI/HBI output has been largely affected by the Middle Eastern conflict arising from the closure of the Straight of Hormuz
- Implementation of CBAM on 1 January 2026 resulted in a stock-build of OBMs in Europe at the end of December 2025, with trading in the first quarter of 2026 lower y-o-y, but returning to normal levels in Q2.
- Similarly, uncertainty over USA tariffs resulted in increased trade of OBMs in the earlier months of 2025, compared to current levels.
- Production and trading of iron ore has increased in H1 2026 v 2025. Additional imports into China have easily offset the decreases in other regions and volume reductions from small miners are expected to be offset by the increase in output from Simandou.
- However, trading in pellets has decreased despite the increase in Brazilian output as geopolitics has resulted in decreased output from Iran, Ukraine and Bahrain. A lower volume of Indian pellets has been available in the export market in 2026 to date as returns are higher with domestic customers.