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Despite being the largest producer of iron ore, China is also the world’s largest importer of iron ore. Chinese iron ore is of an inferior grade compared to other major producers around the world. According to a report by HDRSalva, the average iron ore grade mined in China has a Fe content of around 17-20%, compared to a standard 62% worldwide. In 2013, China produced more than 1Bt of iron ore, which is equivalent to only 325Mt of 62% Fe grade iron ore. More than 50 countries around the world produce iron ore for both domestic use and export markets.

Vale is also planning to increase their production of iron ore exponentially in the coming four years, potentially taking market share away from other iron ore producers.The largest iron ore producer is the Brazilian mining corporation Vale. A diversified metals mining multinational and the world’s largest single producer of iron ore, Vale produced 320 million tonnes in 2014 for domestic use and exported to countries including Germany, Japan, South Korea and China.