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Home / Navigating the Complex Terrain of Mexico’s Iron Ore Exports: International Trade
The elaborate realm of international iron ore trade involves multifaceted coordination between the Ministry of Economy and the General Mining Coordination in Mexico. The issuance of non-automatic export licenses, limited to a maximum volume of 300,000 tons, adds a layer of regulatory intricacy to this vital economic activity.
According to federal government data spanning January to November 2022, Mexico’s iron ore mineral exports reached a noteworthy US$85 million. This financial snapshot underscores the significant contribution of iron ore to Mexico’s export portfolio and its impact on the global market.
In 2021, Mexican iron ore production totaled 9.12 million tons, signaling a modest decrease of 2.8% compared to the preceding year. The state-wise distribution of production emphasizes the regional significance of this industry, with Michoacán leading at 32.8%, followed closely by Colima at 27.2%, and Coahuila at 18.8%. These regional variations underscore the localized nature of iron ore extraction and processing.
Minera del Norte’s strategic revival of the “Artemisa” project at the “Hercules” mine in Coahuila stands as a testament to the sector’s resilience. This initiative aims to augment the production of iron ore concentrates, destined for AHMSA’s pelletizing plants, contributing to the value chain and bolstering Mexico’s role in global iron ore trade.
A broader perspective reveals Australia and Brazil as global powerhouses, boasting the largest iron ore reserves at 25,000 and 15,000 million tons (iron content), respectively. China, with 8% of the world’s reserves (estimated at 6.9 billion tons), plays a pivotal role in shaping international iron ore dynamics. The cumulative global iron content is estimated at a staggering 85 billion tons.
The US Geological Survey’s (USGS) Mineral Commodity Summaries report highlights a 5% increase in global iron ore production by iron content, reaching 1.6 million tons. Australia retains its position as the world’s leading producer, commanding a 35% market share, trailed by Brazil and China at 15% and 14%, respectively.
China’s robust demand for steel during the first half of 2021 propelled iron ore prices to unprecedented levels in May. This surge was compounded by diminished iron ore production in Brazil since 2019, coupled with declining inventories in Chinese ports, stimulating additional demand. However, the latter half of the year witnessed a contraction in iron ore prices in China, attributed to reduced steel production amid energy and environmental constraints on Chinese steel mills.
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