HS Code:
The 'Ores, slag and ash' category under HS Code 26 includes a wide range of mineral products such as iron ores, copper ores, nickel ores, and other base metal ores, as well as slag, ash, and residues from industrial processes. This category is critical for industries like steel production, manufacturing, and energy, as these raw materials form the foundation of many industrial supply chains. Global trade in ores is heavily influenced by resource distribution, mining capabilities, and industrial demand, with major exporters often being resource-rich countries and importers being industrialized nations with high manufacturing output.
Total Trade Volume
USD 250 billion
Data from 2022
Source
United Nations Comtrade Database
USD 120 billion
48% of total trade of total trade
Increasing
USD 50 billion
20% of total trade of total trade
Increasing
USD 30 billion
12% of total trade of total trade
Stable
USD 15 billion
6% of total trade of total trade
Increasing
USD 10 billion
4% of total trade of total trade
Stable
Average Rate
5.2%
Highest Rate
15% (imposed by certain developing countries to protect domestic mining industries)
Lowest Rate
0% (under free trade agreements like the EU-Australia FTA for specific ores)
Rising demand for iron ore due to global infrastructure projects
Increased export volumes from Australia and Brazil to meet demand in Asia, particularly China and India
2021-2023
Shift towards sustainable mining practices
Higher costs for exporters due to stricter environmental regulations, but improved market access in eco-conscious regions like the EU
2020-2023
Growing interest in rare earth ores for renewable energy technologies
Diversification of trade flows as countries like China dominate rare earth exports, prompting importers to seek alternative suppliers
2019-2023
Australia and China have resumed normal trade levels for iron ore after a period of diplomatic tensions, with China lifting informal restrictions on Australian imports.
March 2023
Stabilization of iron ore prices and increased export revenue for Australia
Following the 2019 Brumadinho dam collapse, Brazil's Vale faced production halts and stricter regulations, impacting global iron ore supply.
Ongoing since January 2019
Temporary supply shortages led to price spikes and a shift of market share to Australian exporters
The EU's Green Deal policies are pushing for sustainably sourced ores, imposing stricter environmental standards on imports.
Implemented in 2021
Increased compliance costs for exporters but potential for premium pricing for sustainable ores