US imports of steel slabs edged down 0.2% month-on-month for June, totalling 508,304 tonnes, according to preliminary census data from the US Department of Commerce.
Shanghai Metals Market reports that the total value of these imports reached US$307.5 million ($432.91 million), with Brazil remaining the dominant supplier, accounting for 200,364 tonnes of the monthly volume, followed by Mexico and Indonesia.
While monthly trade movements can fluctuate, the underlying importance of steel is difficult to overstate. From construction and infrastructure to vehicles, machinery, energy systems, and defence, steel remains at the forefront of the global economy.
According to the World Steel Association, global steel demand is projected to grow 2.2%, reaching roughly 1.7 billion tonnes in 2027. Steel demand is primarily driven by construction, infrastructure, and automotive manufacturing.
But behind every tonne of steel sits a critical raw material in iron ore.
Around 98% of iron ore is used in steelmaking, with 1.6 tonnes of iron ore used to produce only one tonne of steel, making the commodity the foundation of the world’s steel industry.
With the US imports of steel slabs dipping slightly for June, this creates an opportunity for iron ore explorers and developers. This is particularly evident for those companies advancing iron-magnetite projects.
Magnetite can offer a pathway to higher-grade iron products and, depending on the project and processing route, can potentially feed into lower emissions steelmaking technologies.
Australia
In 2025, global magnetite iron ore production exceeded 780 million tonnes, with iron concentration levels reaching 72% in premium-grade deposits. Australia, Brazil, China, and Russia collectively accounted for 69% of global magnetite ore extraction activities, as reported by Business Research Insights.
The global magnetite iron ore market is forecast to be valued at US$30.28 billion in 2026, as well as increase to US$35.55 billion by 2035 — reflecting a compound annual growth rate of 1.62% between 2026 and 2035.
With steel supply chains being reshaped and demand for quality feedstocks gaining greater attention, companies with iron ore and magnetite resources could play a key role in securing raw materials needed for the next chapter of global steel production.
Hawsons Iron (ASX:HIO) is positioning itself as a cornerstone in the global green steel supply chain via its namesake project located in Broken Hill, New South Wales.
The Hawsons Iron Project is intended to produce between 10–12 million tonnes (Mt) of premium magnetite concentrate per year, with a production target of 257Mt of magnetite concentrate across its 26-year mine life.
With the pre-tax net present value of US$1.36 billion, Hawsons Iron contains a 4.4 billion tonne resource and 2.3 billion tonne ore reserve.
Managing Director Tom Revy previously told this news service that the project is not a stranded asset.
“We have access to a lot of local facilities, goods, and services, which we plan on utilising for the project,” he said.
“We have this excellent infrastructure surrounding us, with the project being just 40km from a heavy haul rail line, a nearby powerline — which is fed with a significant portfolio of renewable energy — and we also have access to an ample supply of water.”
Iron ore is Australia’s largest export, reaching 72.5Mt in July 2026. Mining giant Rio Tinto (ASX:RIO) is consistently one of the top shippers in the nation, moving more than 28Mt of iron ore monthly. The other two major Australian shippers are BHP (ASX:BHP) and Fortescue (ASX:FMG), accounting for more than 24Mt and 17Mt, respectively.
Canada
Another key nation contributing to the global magnetite iron ore sector is Canada, which is the eighth largest iron ore producer. In 2024, Canadian mine production of iron ore concentrate and pellets reached 70Mt.
Most of the nation’s iron ore comes from the Labrador Trough region, bordering Québec and Newfoundland and Labrador.
However, over in Saskatchewan, Canada, Makenita Resources (CSE:KENY | WKN:A40X6P | OTCID:KENYF) owns the Serpentinization Iron-Magnetite Project, which was recently expanded to 116,149 acres in June 2026.
President Jason Gigliotti says Serpentinization offers prospectivity for iron and magnetite, and in certain situations where large iron formations are rich in magnetite, that formation can be stimulated to produce naturally occurring hydrogen.
“Makenita is entering the most active period of growth in the company’s history, and we have just added additional marketing to assist in getting the story out to a larger audience,” Gigliotti says.
The project borders Max Power Mining (CSE:MAXX), with Makenita noting it is prospective for both iron and magnetite. Max Power initially confirmed Canada’s first natural hydrogen discovery in Saskatchewan in January this year, following successful drilling and test work, as previously reported.
As steel demand and supply chains evolve, the spotlight moves upstream to the iron ore projects capable of delivering high-quality feedstocks.
From established developers such as Hawsons Iron to emerging explorers such as Makenita Resources, companies advancing magnetite opportunities will continue to play a key role in strengthening the future iron ore supply and supporting the steel industry.
Write to Aaliyah Rogan at Mining.com.au
Images:
