Global iron ore exports improved in the first half of 2023 by 2 percent , while  713 million tons registered. Every exporting country had its own challenges, but the main cause of the partial growth of iron ore exports was the slump in world steel demand.

Data from the World Steel Association shows global crude steel production fell 1.1 percent in January-June from the same period last year. In particular, in two key areas the steel consumer fell sharply. The EU was down almost 11 percent from last year, and other European countries even showed a 14.1 percent drop. Although energy and gas prices have fallen, countries continue to struggle with inflation and currency deflation.