Chain · Steel and cars

Australia ships half the iron ore, and China’s flat-steel share doubled (2024)

In 2024 Australia shipped 52% of the world’s iron ore and China bought 72% of all traded ore, while China’s share of flat-steel exports rose from 13% in 2019 to 26%.

12stages from ore to product
$961.9bnlargest stage, 2024: Passenger cars
HHI 0.33chokepoint, 2024: Iron ore (fines, lump, pellets)
Indonesia · GL 0.98most two-way stage, 2024: Semi-finished steel (slabs, billets)

YearFocus economy

The chain in 2024

S1 Ores

Iron ore (fines, lump, pellets)

2601.112601.12

$182.8bn · $0.11/kgAUS 52%

Chokepoint · HHI 0.33

Bituminous coal (incl. coking coal)

2701.12

$119.2bn · $0.15/kgAUS 42%

Use share ~24% · IEA, 2024 data

Ferrous scrap

7204

$42.4bn · $0.43/kgUSA 14%

S2 Coke

Coke

2704.00

$9.8bn · $0.31/kgCHN 20%

Pig iron

7201

$5.1bn · $0.48/kgBRA 37%

Direct-reduced iron

7203.10

$5.4bn · $0.28/kgRUS 20%

Ferro-alloys

7202

$42.4bn · $1.7/kgIDN 32%

S3 Semi-finished steel

Semi-finished steel (slabs, billets)

7207

$28.0bn · $0.58/kgRUS 21%

S4 Rolled steel

Flat-rolled steel (hot, cold, coated)

72087209721072117212

$153.5bn · $0.81/kgCHN 26%

Electrical steel

7225.117225.197226.117226.19

$6.8bn · $1.6/kgCHN 30%

S5 Car parts

Car parts and engines

87088407.348408.20

$514.7bn · $9.7/kgDEU 14%

S6 Cars

Passenger cars

8703

$961.9bn · $16.1/kgDEU 17%

World trade and top exporter by stage, 2024; unit value where net weight covers at least 80% of value. Chokepoint: the stage worth at least $1bn with the highest exporter HHI, when above 0.25. Dashed: side inputs and feedstocks, which join from above. Source: UN Comtrade, Final data, HS6; mirror rule.

Who trades each stage, 2024

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Imports | ExportsHalf-disc area ∝ value; one scale for every year

Iron ore (fines, lump, pellets), 2024

World trade, 2024: $182.8bn

Top exporters, 2024

AUS 52%
BRA 24%
CAN 4%
ZAF 4%
IND 2%
Others 14%

Iron ore (fines, lump, pellets) is the chain’s chokepoint in 2024: HHI 0.33, AUS 52% of exports.

The ring shows the stage of this chain the economy leads; a dashed rowan ring marks an economy with more than half of the stage’s exports. Click an economy to follow its flows (exports gold, imports teal).

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Why do some economies both import and export the same stage?

Different goods under one code. A six-digit code can hold cheap and costly versions of a product: 2506.10 covers quartzite lumps and high-purity quartz worth many times more per kilogram.
Processing and hub trade. Goods come in, are refined or assembled, and go out again.
Firms and regions. Firms or regions within one economy buy and sell for their own reasons, such as a firm shipping inputs to its own plants abroad.
How trade is recorded. Under the mirror rule an economy’s imports may come from its own reports and its exports from its partners’; origin and consignment, re-exports and misclassification can make one side larger.

“↔ two-way” marks an economy whose Grubel–Lloyd index is at least 0.3 and whose exports and imports are each at least 2% of world trade in the stage. The sentences under a stage give the numbers, never the reason. How two-way trade is measured

S1 · OresChokepoint

S1 · Iron ore (fines, lump, pellets)

2601.112601.12

World trade, 2024$182.8bn×1.3 vs 2019
Unit value, 2024$0.11/kg2019: $0.09/kg
Exporter concentration, 20240.33high · 2019: 0.33
126 exportersAUS 52%98% of value from importers’ reports

Top exporters, 2024

#	Economy	Share of world exports, %	2019, %
1	AUS Australia	51.9	51.6
2	BRA Brazil	24.2	24.4
3	CAN Canada	4.2	4.0
4	ZAF South Africa	3.7	4.5
5	IND India	2.2	–

Top importers, 2024

#	Economy	Share of world imports, %	2019, %
1	CHN China	72.4	69.5
2	JPN Japan	6.2	7.5
3	KOR Korea	4.5	4.8
4	DEU Germany	2.2	2.8
5	TWN Taiwan	1.3	1.6

Iron ore (fines, lump, pellets), 2024: shares of world exports and imports. Source: UN Comtrade, Final data, HS6; mirror rule.

Downstream · S2

Pig iron$0.48/kg · BRA 37%Direct-reduced iron$0.28/kg · RUS 20%

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Exporter concentration (HHI), 1995–2025

The chain’s chokepoint in 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025.

Source: UN Comtrade, Final data, HS6; mirror rule.

World trade, 12-month sum, by month

Source: UN Comtrade, monthly data, HS6; 12-month sum; one side per flow (the importer's report where it filed as many months). Korea, Jan–Jul 2026: Korea Customs Service, trade by item and country (data.go.kr), fetched 31 Oct 2026.

S1 · Ores

S1 · Bituminous coal (incl. coking coal)

2701.12

World trade, 2024$119.2bn×1.3 vs 2019
Unit value, 2024$0.15/kg2019: $0.11/kg
Exporter concentration, 20240.23moderate · 2019: 0.24
77 exportersAUS 42%97% of value from importers’ reports

Top exporters, 2024

#	Economy	Share of world exports, %	2019, %
1	AUS Australia	42.4	43.3
2	RUS Russia	12.4	15.8
3	USA United States	10.6	10.4
4	IDN Indonesia	10.3	8.8
5	MNG Mongolia	6.9	–

Top importers, 2024

#	Economy	Share of world imports, %	2019, %
1	CHN China	29.7	17.8
2	JPN Japan	23.4	23.9
3	KOR Korea	12.9	14.4
4	TWN Taiwan	6.5	6.7
5	TUR Türkiye	4.1	–

Indonesia imports $2.8bn and exports $12.3bn of this stage. Imports average $0.2/kg, exports $0.12/kg. Main suppliers: Australia, Russia, United States. Main buyers: China, Japan, Korea.

Bituminous coal (incl. coking coal), 2024: shares of world exports and imports. Source: UN Comtrade, Final data, HS6; mirror rule.

What trade cannot see here

HS has no coking-coal code; thermal coal for power sits in the same subheading.

Use share: how much of this stage goes to this chain

About 24% of world coal trade (all coal codes) is metallurgical coal for steel, by tonnage (368 of 1,544 Mt); the rest is thermal coal. The map shows the whole flow, because that is what crossed the border; the trail draws 24% of it solid. Source: IEA, Coal 2025, p. 62, data for 2024.

Downstream · S2

Coke$0.31/kg · CHN 20%Pig iron$0.48/kg · BRA 37%

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Exporter concentration (HHI), 1995–2025

The chain’s chokepoint in 2009.

Source: UN Comtrade, Final data, HS6; mirror rule.

World trade, 12-month sum, by month

S1 · Ores

S1 · Ferrous scrap

7204

World trade, 2024$42.4bn×1.2 vs 2019
Unit value, 2024$0.43/kg2019: $0.33/kg
Exporter concentration, 20240.05unconcentrated · 2019: 0.06
208 exportersUSA 14%92% of value from importers’ reports

Top exporters, 2024

#	Economy	Share of world exports, %	2019, %
1	USA United States	14.0	15.0
2	DEU Germany	9.8	10.7
3	GBR UK	7.7	7.7
4	FRA France	6.8	6.1
5	NLD Netherlands	6.2	–

Top importers, 2024

#	Economy	Share of world imports, %	2019, %
1	TUR Türkiye	19.6	15.7
2	IND India	11.9	10.1
3	BEL Belgium	6.3	5.2
4	ITA Italy	6.1	5.0
5	USA United States	4.6	–

United States imports $2.0bn and exports $6.0bn of this stage. Imports average $0.41/kg, exports $0.43/kg. Main suppliers: Canada, Mexico, Netherlands. Main buyers: Türkiye, India, Mexico.

Ferrous scrap, 2024: shares of world exports and imports. Source: UN Comtrade, Final data, HS6; mirror rule.

Downstream · S3

Semi-finished steel (slabs, billets)$0.58/kg · RUS 21%

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Exporter concentration (HHI), 1995–2025

Source: UN Comtrade, Final data, HS6; mirror rule.

World trade, 12-month sum, by month

S2 · Coke

2704.00

World trade, 2024$9.8bn×1.2 vs 2019
Unit value, 2024$0.31/kg2019: $0.3/kg
Exporter concentration, 20240.13unconcentrated · 2019: 0.13
89 exportersCHN 20%96% of value from importers’ reports

Top exporters, 2024

#	Economy	Share of world exports, %	2019, %
1	CHN China	20.1	23.6
2	POL Poland	18.7	21.2
3	IDN Indonesia	15.2	–
4	COL Colombia	13.5	9.5
5	USA United States	5.9	6.3

Top importers, 2024

#	Economy	Share of world imports, %	2019, %
1	IND India	16.4	12.6
2	BRA Brazil	11.4	5.5
3	DEU Germany	9.2	7.0
4	GBR UK	5.2	4.0
5	IDN Indonesia	5.2	–

Indonesia imports $513m and exports $1.5bn of this stage. Imports average $0.2/kg, exports $0.31/kg. Main suppliers: China, Hong Kong, South Africa. Main buyers: India, Türkiye, Vietnam.

Coke, 2024: shares of world exports and imports. Source: UN Comtrade, Final data, HS6; mirror rule.

Upstream · S1

Bituminous coal (incl. coking coal)$0.15/kg · AUS 42%

Downstream · S2

Pig iron$0.48/kg · BRA 37%

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Exporter concentration (HHI), 1995–2025

The chain’s chokepoint in 2004.

Source: UN Comtrade, Final data, HS6; mirror rule.

World trade, 12-month sum, by month

S2 · Coke

S2 · Pig iron

7201

World trade, 2024$5.1bn×1.0 vs 2019
Unit value, 2024$0.48/kg2019: $0.38/kg
Exporter concentration, 20240.20moderate · 2019: 0.25
81 exportersBRA 37%99% of value from importers’ reports

Top exporters, 2024

#	Economy	Share of world exports, %	2019, %
1	BRA Brazil	36.8	20.3
2	RUS Russia	19.2	40.2
3	UKR Ukraine	11.0	19.9
4	IDN Indonesia	9.7	–
5	ZAF South Africa	6.1	4.5

Top importers, 2024

#	Economy	Share of world imports, %	2019, %
1	USA United States	43.4	37.9
2	TUR Türkiye	11.8	9.1
3	ITA Italy	11.2	9.8
4	CHN China	8.7	7.9
5	DEU Germany	2.5	3.8

Pig iron, 2024: shares of world exports and imports. Source: UN Comtrade, Final data, HS6; mirror rule.

Upstream · S2, S1

Coke$0.31/kg · CHN 20%Iron ore (fines, lump, pellets)$0.11/kg · AUS 52%Bituminous coal (incl. coking coal)$0.15/kg · AUS 42%

Downstream · S3

Semi-finished steel (slabs, billets)$0.58/kg · RUS 21%

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Exporter concentration (HHI), 1995–2025

Source: UN Comtrade, Final data, HS6; mirror rule.

World trade, 12-month sum, by month

S2 · Coke

S2 · Direct-reduced iron

7203.10

World trade, 2024$5.4bn×1.2 vs 2019
Unit value, 2024$0.28/kg2019: $0.28/kg
Exporter concentration, 20240.11unconcentrated · 2019: 0.12
75 exportersRUS 20%89% of value from importers’ reports

Top exporters, 2024

#	Economy	Share of world exports, %	2019, %
1	RUS Russia	19.8	21.5
2	OMN Oman	14.7	15.6
3	IND India	14.6	–
4	TTO Trinidad and Tobago	12.4	13.3
5	BHR Bahrain	8.0	12.6

Top importers, 2024

#	Economy	Share of world imports, %	2019, %
1	SAU Saudi Arabia	27.1	30.8
2	USA United States	12.1	13.5
3	OMN Oman	7.6	5.7
4	TUR Türkiye	6.4	–
5	NPL Nepal	5.8	–

Oman imports $409m and exports $791m of this stage. Imports average $0.35/kg, exports $0.18/kg. Main suppliers: India, Qatar, UAE. Main buyers: Saudi Arabia, India, Pakistan.

Direct-reduced iron, 2024: shares of world exports and imports. Source: UN Comtrade, Final data, HS6; mirror rule.

Upstream · S1

Iron ore (fines, lump, pellets)$0.11/kg · AUS 52%

Downstream · S3

Semi-finished steel (slabs, billets)$0.58/kg · RUS 21%

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Exporter concentration (HHI), 1995–2025

The chain’s chokepoint in 2005, 2006.

Source: UN Comtrade, Final data, HS6; mirror rule.

World trade, 12-month sum, by month

S2 · Coke

S2 · Ferro-alloys

7202

World trade, 2024$42.4bn×1.4 vs 2019
Unit value, 2024$1.7/kg2019: $1.7/kg
Exporter concentration, 20240.14unconcentrated · 2019: 0.05
122 exportersIDN 32%98% of value from importers’ reports

Top exporters, 2024

#	Economy	Share of world exports, %	2019, %
1	IDN Indonesia	32.1	8.7
2	ZAF South Africa	9.2	12.0
3	BRA Brazil	8.6	10.8
4	KAZ Kazakhstan	8.2	6.9
5	IND India	6.6	5.8

Top importers, 2024

#	Economy	Share of world imports, %	2019, %
1	CHN China	47.3	29.0
2	USA United States	6.5	9.1
3	JPN Japan	5.1	8.3
4	KOR Korea	4.4	5.5
5	IDN Indonesia	3.9	–

India imports $1.1bn and exports $2.8bn of this stage. Imports average $2.1/kg, exports $1.2/kg. Main suppliers: Indonesia, Bhutan, Brazil. Main buyers: Korea, UAE, China.

Ferro-alloys, 2024: shares of world exports and imports. Source: UN Comtrade, Final data, HS6; mirror rule.

Downstream · S3

Semi-finished steel (slabs, billets)$0.58/kg · RUS 21%

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Exporter concentration (HHI), 1995–2025

Source: UN Comtrade, Final data, HS6; mirror rule.

World trade, 12-month sum, by month

S3 · Semi-finished steel

S3 · Semi-finished steel (slabs, billets)

7207

World trade, 2024$28.0bn×1.1 vs 2019
Unit value, 2024$0.58/kg2019: $0.47/kg
Exporter concentration, 20240.09unconcentrated · 2019: 0.11
117 exportersRUS 21%98% of value from importers’ reports

Top exporters, 2024

#	Economy	Share of world exports, %	2019, %
1	RUS Russia	20.7	25.8
2	CHN China	11.0	–
3	BRA Brazil	10.0	11.4
4	OMN Oman	7.6	–
5	IDN Indonesia	6.5	–

Top importers, 2024

#	Economy	Share of world imports, %	2019, %
1	TUR Türkiye	14.8	–
2	USA United States	8.6	9.6
3	IDN Indonesia	6.8	8.1
4	TWN Taiwan	5.9	5.9
5	ITA Italy	5.7	8.5

Indonesia imports $1.9bn and exports $1.8bn of this stage. Imports average $0.5/kg, exports $0.54/kg. Main suppliers: Oman, China, Russia. Main buyers: Türkiye, Philippines, Thailand.

Semi-finished steel (slabs, billets), 2024: shares of world exports and imports. Source: UN Comtrade, Final data, HS6; mirror rule.

Upstream · S2, S1

Pig iron$0.48/kg · BRA 37%Direct-reduced iron$0.28/kg · RUS 20%Ferro-alloys$1.7/kg · IDN 32%Ferrous scrap$0.43/kg · USA 14%

Downstream · S4

Flat-rolled steel (hot, cold, coated)$0.81/kg · CHN 26%Electrical steel$1.6/kg · CHN 30%

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Exporter concentration (HHI), 1995–2025

Source: UN Comtrade, Final data, HS6; mirror rule.

World trade, 12-month sum, by month

S4 · Rolled steel

S4 · Flat-rolled steel (hot, cold, coated)

72087209721072117212

World trade, 2024$153.5bn×1.2 vs 2019
Unit value, 2024$0.81/kg2019: $0.7/kg
Exporter concentration, 20240.10unconcentrated · 2019: 0.06
185 exportersCHN 26%90% of value from importers’ reports

Top exporters, 2024

#	Economy	Share of world exports, %	2019, %
1	CHN China	26.0	13.3
2	KOR Korea	9.9	11.1
3	JPN Japan	9.3	10.8
4	DEU Germany	6.9	7.1
5	BEL Belgium	4.5	5.5

Top importers, 2024

#	Economy	Share of world imports, %	2019, %
1	USA United States	6.9	5.1
2	DEU Germany	5.1	6.3
3	VNM Vietnam	5.1	3.7
4	ITA Italy	4.8	4.9
5	POL Poland	4.1	–

Korea imports $5.2bn and exports $15.2bn of this stage. Imports average $0.66/kg, exports $0.85/kg. Main suppliers: China, Japan, Taiwan. Main buyers: Japan, India, United States.

Flat-rolled steel (hot, cold, coated), 2024: shares of world exports and imports. Source: UN Comtrade, Final data, HS6; mirror rule.

Upstream · S3

Semi-finished steel (slabs, billets)$0.58/kg · RUS 21%

Downstream · S5

Car parts and engines$9.7/kg · DEU 14%

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Exporter concentration (HHI), 1995–2025

Source: UN Comtrade, Final data, HS6; mirror rule.

World trade, 12-month sum, by month

S4 · Rolled steel

S4 · Electrical steel

7225.117225.197226.117226.19

World trade, 2024$6.8bn×1.4 vs 2019
Unit value, 2024$1.6/kg2019: $1.1/kg
Exporter concentration, 20240.15moderate · 2019: 0.10
74 exportersCHN 30%95% of value from importers’ reports

Top exporters, 2024

#	Economy	Share of world exports, %	2019, %
1	CHN China	30.2	11.4
2	JPN Japan	18.0	19.3
3	DEU Germany	12.0	10.9
4	KOR Korea	9.0	12.9
5	TWN Taiwan	4.6	–

Top importers, 2024

#	Economy	Share of world imports, %	2019, %
1	IND India	14.6	15.6
2	ITA Italy	10.5	9.7
3	MEX Mexico	7.3	6.3
4	TUR Türkiye	6.5	5.6
5	CAN Canada	6.4	–

Germany imports $236m and exports $823m of this stage. Imports average $1.9/kg, exports $1.5/kg. Main suppliers: France, Austria, Japan. Main buyers: France, Italy, India.

Electrical steel, 2024: shares of world exports and imports. Source: UN Comtrade, Final data, HS6; mirror rule.

What trade cannot see here

Feeds transformers and motors, a link into the copper and magnet chains.

Upstream · S3

Semi-finished steel (slabs, billets)$0.58/kg · RUS 21%

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Exporter concentration (HHI), 1995–2025

Source: UN Comtrade, Final data, HS6; mirror rule.

World trade, 12-month sum, by month

S5 · Car parts

S5 · Car parts and engines

87088407.348408.20

World trade, 2024$514.7bn×1.1 vs 2019
Unit value, 2024$9.7/kg2019: $9.2/kg
Exporter concentration, 20240.07unconcentrated · 2019: 0.07
235 exportersDEU 14%97% of value from importers’ reports

Top exporters, 2024

#	Economy	Share of world exports, %	2019, %
1	DEU Germany	14.3	16.3
2	CHN China	10.8	7.4
3	USA United States	10.6	10.8
4	MEX Mexico	9.5	8.2
5	JPN Japan	5.7	8.7

Top importers, 2024

#	Economy	Share of world imports, %	2019, %
1	USA United States	19.9	17.5
2	DEU Germany	9.9	10.2
3	MEX Mexico	8.6	7.6
4	CAN Canada	4.6	5.2
5	CHN China	4.2	5.9

United States imports $102.6bn and exports $54.7bn of this stage. Main suppliers: Mexico, Canada, China. Main buyers: Mexico, Canada, China.

Car parts and engines, 2024: shares of world exports and imports. Source: UN Comtrade, Final data, HS6; mirror rule.

Upstream · S4

Flat-rolled steel (hot, cold, coated)$0.81/kg · CHN 26%

Downstream · S6

Passenger cars$16.1/kg · DEU 17%

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Exporter concentration (HHI), 1995–2025

Source: UN Comtrade, Final data, HS6; mirror rule.

World trade, 12-month sum, by month

S6 · Cars

S6 · Passenger cars

8703

World trade, 2024$961.9bn×1.3 vs 2019
Unit value, 2024$16.1/kg2019: $13.1/kg
Exporter concentration, 20240.08unconcentrated · 2019: 0.08
220 exportersDEU 17%95% of value from importers’ reports

Top exporters, 2024

#	Economy	Share of world exports, %	2019, %
1	DEU Germany	17.3	18.7
2	JPN Japan	12.4	14.8
3	CHN China	9.2	–
4	KOR Korea	7.3	–
5	MEX Mexico	7.1	6.8

Top importers, 2024

#	Economy	Share of world imports, %	2019, %
1	USA United States	22.8	23.4
2	DEU Germany	7.4	9.4
3	GBR UK	5.8	5.7
4	FRA France	4.6	5.0
5	CAN Canada	4.2	–

United States imports $219.5bn and exports $64.4bn of this stage. Imports average $17.6/kg, exports $17/kg. Main suppliers: Mexico, Japan, Korea. Main buyers: Canada, China, Germany.

Passenger cars, 2024: shares of world exports and imports. Source: UN Comtrade, Final data, HS6; mirror rule.

Upstream · S5

Car parts and engines$9.7/kg · DEU 14%

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Exporter concentration (HHI), 1995–2025

Source: UN Comtrade, Final data, HS6; mirror rule.

World trade, 12-month sum, by month

How these numbers are made

Each chain has its own ladder of stages, one rung per step of production that customs records can see: four for clothing, eight for chips. Each stage is a set of six-digit HS codes, written down once with the rung it sits on and what else its code holds. World trade is the sum of bilateral flows under the mirror rule: the importer’s report where the importer reported that year, otherwise the exporter’s. Unit value is value over net weight, shown only where weight covers at least 80% of value. HHI is the sum of squared exporter shares; 0.15 and 0.25 mark moderate and high concentration.

Customs records see goods crossing a border, not what they were for. Production used at home, codes that hold two products and codes split by HS versions are named at the stage where they matter. Use shares, where a stage mostly goes elsewhere, come from dated sources outside trade; they scale the trail, never the map. The full method

Source: UN Comtrade, Final data, HS6; mirror rule. Updated 2 Nov 2026.