US iron ore production in 2012 has been estimated at 53.2 million mt, down slightly compared to the 54.7 million mt recorded in 2011, owing to reduced steel consumption and destocking, according to the "US Geological Survey, Mineral Commodity Summaries, January 2013" report of the US Geological Survey (USGS).
The US exported 11.8 million mt of iron ore in 2012, rising slightly compared to the 11.1 million mt exported in 2011. According to the USGS report, following a 30 percent decrease in the worldwide price for iron ore fines sold in European and Asian markets in the first three quarters of 2012, owing to an increase in global iron ore production and project development, the price stabilized in the fourth quarter of 2012. Increases in production capacity outstripped expected consumption in early 2012, as economic growth which had been dominated by China indicated a slowdown. Global prices have declined steadily since 2011, and in September 2012 they fell to the lowest levels since 2009.
Meanwhile, the USGS announced that in 2012 the US crude steel output was about 91 million mt, up about 5.3 percent from 2011, according to the data of the American Iron and Steel Institute (AISI). Annual steel mill capability utilization in the US in 2012 was about 78 percent compared with 74 percent recorded in 2011. Net shipments of steel mill products were about 89 million mt, rising compared to 87 million mt in 2011.