- In August 2023, Foulath arm Bahrain Steel announced a collaboration with Essar Group for the KSA Green Steel Project, focusing on the supply of iron ore pellets to the Green Steel Arabia (GSA) initiative. This partnership aims to enhance the sustainability of steel production in Saudi Arabia by ensuring a steady supply of high-quality raw materials necessary for green steel manufacturing
- In August 2023, Green Steel forged a partnership with industry giants Rio Tinto and Vale to procure direct reduction iron ore pellets. This collaboration is pivotal for supporting their green steel production operations in Sweden. By securing a reliable supply of high-grade iron ore pellets, Green Steel aims to significantly lower carbon emissions and promote environmentally responsible steel manufacturing, aligning with global sustainability goals
- In May 2023, JSW Steel announced a significant investment of USD 1,077.8 million to establish an 8.0 million tons per year iron ore pellet production plant in Odisha, India. This project underscores JSW’s commitment to expanding its operations and supporting the demand for high-quality iron ore pellets in domestic and international markets, contributing to the growth of India’s steel industry
- In March 2023, Blastr Green Steel revealed plans to construct a state-of-the-art iron ore pellet manufacturing plant in Northern Norway, with an anticipated investment of USD 1.10 billion. The facility is designed to supply pellets to a green steel mill in Finland. A final investment decision will be made by 2025, contingent on obtaining necessary permits, with production tentatively set to commence by 2028.
- In May 2021, Fortescue Metals declared its ambitious goal to achieve net-zero operational emissions by 2040. The company plans to implement renewable energy sources, green hydrogen, and other innovative clean technologies across its operations. This commitment reflects Fortescue’s dedication to sustainability and positions it as a leader in the mining sector’s transition towards environmentally friendly practices and technologies
- In March 2021, U.S. Steel announced a strategic investment of USD 1.2 billion for the development of a new sustainable endless casting and rolling facility in the United States. This facility aims to enhance the company's steelmaking capabilities while minimizing environmental impacts. The investment is part of U.S. Steel's broader initiative to embrace sustainable manufacturing processes, thereby promoting eco-friendly practices within the steel industry
- In February 2021, Rio Tinto unveiled plans to invest USD 2.4 billion in its Gudai-Darri iron ore mine in Western Australia. This substantial investment is aimed at increasing production capacity while integrating advanced automation and digitalization technologies to boost operational efficiency. By leveraging these innovations, Rio Tinto aims to enhance productivity and reduce its environmental footprint, contributing to more sustainable mining practices
Frequently Asked Questions
The market is segmented based on Segmentation, By Source (Hematite, Magnetite, Taconite, and Others), Grade (Blast Furnace and Direct Reduction), Technology (Oxygen Based/Blast Furnace, Electric Arc Furnace, and Electric Induction Furnace), Pelletizing Process (Grate Kiln and Straight Travelling Grate), Balling Technology (Balling Disc and Balling Drum), Application (Iron-based Chemicals and Steel Production), Industry (Construction, Automotive, Railway, Consumer Goods, Shipping, Industrial, Aerospace, and Others) - Industry Trends and Forecast to 2031
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The Global Iron Ore Pellets Market size was valued at USD 67.74 USD Billion in 2023.
The Global Iron Ore Pellets Market is projected to grow at a CAGR of 3.9% during the forecast period of 2024 to 2031.
The market report covers data from the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
