Iron Ore Export of Chile: The Trade Analysis of 2024

Chile, situated alongside the southwestern edge of South America, bordered by Peru to the north, Bolivia to the northeast, and Argentina to the east, has been emerging as a rapid exporter of iron ore in the international trade market. The increase in the use of iron ore in the construction sites and industrial sectors has been driving the production rate. Chile Import Data says, the government’s support for cross-border export of iron ore to China due to the increase in acquisitions by 5% in 2024, accompanied by the drop in price ranges and strong global steel sector of steel has continued the upward trajectory in the export rate.

The evolution of the technological equipment used in the industrial sectors of steel and the skilled labor workforce engaged in the production units has resulted in an export trade value of iron ore worth 8 billion US dollars in 2024. Import Globals with its steel trade data provides a detailed overview of the overall amount of iron ore exported from the nation. The latest trade insights cater to the needs of the business holders regarding the potential marketing regions that can get them a valuable positive outgrowth in their future trade aspects.

Government initiatives supporting the export of iron ore from Chile in 2024

The combination of initiatives implemented by the government authorities has been streamlining the approvals towards the progress in international standards. The new permit law introduced by the management authorities of Chile has enhanced the coordination across regulatory agencies, ensuring faster project development. The Green Steel Incentives Bio-Strengthening Plan has aligned the ambition of Chile with the new emerging markets exporting raw Iron Ore.

The tax and investment incentives have accelerated the depreciation for new equipment and infrastructure, accompanying which the corporate and mining tax reforms have clarified royalties and concession fees, offering clear fiscal terms for supporting the expansion strategies of the nation. The EAMI support for smaller miners has provided iron ore processing with a reliable market access to the emerging trade, fostering the revenue rate.

The leading variants of iron ore exported in 2024

Iron ore has been a topmost exported commodity of Chile as the country’s production unit has mainly focused on its trade. According to the Chile Export Data, the top 10 leading variants of iron ore exported from the nation in 2024 are,

  1. Agglomerated iron ores — The annual valuation of Agglomerated iron ores exported from Chile in 2024–2.2 million US dollars
  2. Raw iron ores and concentrate — The annual valuation of Raw iron ores and concentrate exported from Chile in 2024–1.8 million US dollars
  3. Roasted iron pyrites — The annual valuation of Roasted iron pyrites exported from Chile in 2024–1 billion US dollars
  4. Iron ore fines — The annual valuation of Iron ore fines exported from Chile in 2024–876 million US dollars
  5. Lump iron ore — The annual valuation of Lump iron ore exported from Chile in 2024–654 million US dollars
  6. Pelletized iron ore — The annual valuation of Pelletized iron ore exported from Chile in 2024–524 million US dollars
  7. Magnetite concentrates — The annual valuation of Magnetite concentrates exported from Chile in 2024–387 million US dollars.
  8. High grade lump and fines — The annual valuation of High grade lump and fines exported from Chile in 2024–276 million US dollars
  9. Direct reduced iron feedstock — The annual valuation of Direct reduced iron feedstock exported from Chile in 2024–221 million US dollars
  10. Industrial Coarser fractions — The annual valuation of Industrial Coarser fractions exported from Chile in 2024–187 million US dollars

Top 10 export trade partners of Chile for iron ore in 2024

The valuable pricing strategies offered by the authorities have attracted most of the emerging markets worldwide. According to the Chile Customs Data, the top 10 export trade partners of the nation in 2024 are,

  1. China — The annual Import trade value of iron ore from Chile to China in 2024–1.98 billion US dollars

Top 5 variants of iron ore exported

1. Hematite

2. Magnetite

3. Goethite

4. Limonite

5. Siderite

2. United States — The annual Import trade value of iron ore from Chile to the United States in 2024–1.21 billion US dollars

Top 5 variants of iron ore exported

1. Taconite

2. Pyrite

3. Marcasite

4. Ilmenite

5. Titanomagnetite

3. Japan- The annual Import trade value of iron ore from Chile to Japan in 2024–1.08 billion US dollars

Top 5 variants of iron ore exported

1. Iron Ore Fines

2. Iron Ore Lumps

3. Iron Ore Pellets

4. Iron Ore Concentrate

5. Pellet Feed

4. South Korea- The annual Import trade value of iron ore from Chile to South Korea in 2024–800 million US dollars

Top 5 variants of iron ore exported

1. Sinter Feed

2. Sintered Iron Ore

3. Agglomerated Iron Ore

4. Calibrated Lump Ore (CLO)

5. Blast Furnace Grade Ore

5. Brazil- The annual Import trade value of iron ore from Chile to Brazil in 2024–700 million US dollars

Top 5 variants of iron ore exported

1. Sponge Iron Ore

2. Pre-reduced Iron Ore

3. Beneficiated Ore

4. Washed Iron Ore

5. Roasted Iron Ore

6. Germany — The annual Import trade value of iron ore from Chile to Germany in 2024–600 million US dollars

Top 5 variants of iron ore exported

1. Newman Fines

2. Newman Lump

3. Yandi Fines

4. Carajás Fines

5. Carajás Blend

7. India- The annual Import trade value of iron ore from Chile to India in 2024–500 million US dollars

Top 5 variants of iron ore exported

1. Low Alumina Ore

2. High Silica Ore

3. Low Sulfur Ore

4. High Manganese Ore

5. Phosphorus-rich Ore

8. Netherlands — The annual Import trade value of iron ore from Chile to the Netherlands in 2024–442 million US dollars

Top 5 variants of iron ore exported

1. Low Phosphorus Ore

2. High-Titania Ore

3. Low LOI (Loss on Ignition) Ore

4. High LOI Ore

5. Silicate-rich Iron Ore

9. Mexico- The annual Import trade value of iron ore from Chile to Mexico in 2024–387 million US dollars

Top 5 variants of iron ore exported

1. Alumina-rich Iron Ore

2. High Moisture Fines

3. Dry Fines

4. Ultra-Fine Magnetite

5. Coarse Hematite Fines

10. Spain- The annual Import trade value of iron ore from Chile to Spain in 2024–276 million US dollars

Top 5 variants of iron ore exported

1. Fine Magnetite Concentrate

2. Coarse Lump Ore

3. Metallurgical-grade Ore

4. Cement Industry-grade Iron Ore

5. High-density Iron Ore

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