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  Iron Ore Market Overview The global iron ore market size is projected to be USD2.41billion by 2028, at a CAGR of 5.32% during the forecast period. Iron oxides are naturally occurring pigments in black, yellow, red, and brown. The ores of iron deposits are found in sedimentary rocks, used to obtain metal iron. Approximately 97% of steel is produced from iron across the globe. It is a source of material to produce pig iron, the key component for producing 97% steel. Hematite or magnetite type of iron ore consists of more than 60% iron composites. These ores are known as natural ore or direct shipping oresince they can be directly fed into the iron-making blast furnaces. Market Dynamics The major driver of the global iron ore market is its use in the construction industry for structural steel, having applications in sports stadiums, low- and high-rise buildings, harbors, bridge deck plates, security fencing, cladding & roofing, offices, and coastal & flood defense constructions.