Australia is the largest producer of iron ore by far, with Western Australia’s Pilbara region being a notable hotspot for the commodity. The country’s iron ore production came in at 880 million metric tons of usable iron ore in 2022, or 540 million metric tons of iron content, according to the US Geological Survey. Other major producers in the iron-mining industry include Brazil, China and India. Most iron ore trades under contracts in which major counterparties negotiate annual price changes. In recent years, oversupply, paired with lower-than-expected demand from the Chinese steel industry, has made things difficult for the iron ore market and has put major pressure on the iron ore price. Activity in China has traditionally been the key driver of global iron prices, given that it is the world’s largest producer, user and exporter of steel products. Along with concerns about China’s economic growth, ongoing and seemingly escalating global trade disputes have weighed on the price of iron. However, there are signs of economic recovery in China. According to the Global Times, China’s infrastructure investment was up by 10 percent in the first three months of the year: “China has accelerated infrastructure investment in the first quarter of this year to propel economic growth, launching more than 10,000 projects throughout the country.” This large-scale infrastructure spending bodes well for steel demand and the iron ore market. Aside from recent developments, in the long run there is no doubt that there will always be demand for steel. The metal alloy is necessary to economies worldwide that want to build out and maintain their infrastructure, transportation and manufacturing industries.