Abstract
Twenty years ago, the first Iron Ore Symposium (IOS) was organized as an event held under the CIM Annual Convention of 2003. At that time, the price of the iron ore was about 30 $US per dry metric ton unit (dmtu) and the worldwide iron ore production reached 1.16 billion tons. Between 2003 and 2011, the IOS was organized every four years (in 2007 and 2011). The year 2010 is a pivotal year in the iron ore market with the end of the 40-year global benchmarking system for the sale of iron ore under annual contract. In 2011, the first year without the benchmarking system, iron ore price reached a high of 168 US$/dmtu. In 2013, the IOS change its name for the North American Iron Ore Symposium (NAIOS) with the 4th event held in Duluth, Minnesota and organized by the SME Minnesota section. Since 2013, the NAIOS is held every two years alternating between Montreal and Duluth (MN). Between 2011 and 2023, the trend in the iron ore price is like a rollercoaster ride ranging from 139.87 US$/dmtu in March 2013 to a bottom low of 40.50 US$/dmtu in December 2015. The iron ore price reached a peak at 214 US$/dmtu in July 2021, before dropping sharply in August 2021 to 89 US$/dmtu. In February 2023, the price of the iron ore was approximately at 122 US$/dmtu. In 2021, the worldwide iron production peaked at 2,68 Gt of usable iron ore and the production for 2022 is estimated at 2,6 Gt. Australia and Brazil dominate the world's iron ore exports, having together about two-third of total global exports.