Categories/Metals/metals

Ferrous Metals

Ferrous metals — iron ore, coking coal, scrap, and steel — form the backbone of industrial production. Iron ore is the world's second-most traded commodity by volume after oil. The Pilbara (Australia) and Carajas (Brazil) are the dominant supply origins; China is ~70% of seaborne demand.

Key Concepts

iron ore Fe grade62% Fe benchmarkpellet premiumHRC/CRC spreadblast furnace vs EAFscrap spread

Resources

Argus Iron Ore Daily
Daily iron ore price assessments including the 62% Fe CFR China benchmark. Argus is the second price reporting agency after Platts. Subscription required.
Data
Argus Media
Fastmarkets Base Metals
Price assessments and market news for base metals including copper, aluminium, and specialty metals. Covers scrap markets and TC/RC spreads.
Data
Fastmarkets

Learning Path

Iron Ore Benchmarks and Steel Chain Linkages

Ferrous pricing transmits through ore quality, coking coal costs, and steel margins, with China demand setting global seaborne tone.

2 case studies →

Steel Margins, Scrap Dynamics, and EAF Mix

Ferrous balances depend on blast-furnace and EAF economics, with scrap flows and power costs driving route-level demand.

2 case studies →

Ferrous Flows, Ton-Mile Demand, and Freight Coupling

Ferrous routes are tightly coupled with Capesize/Panamax availability, making route mix and voyage distance central to freight outcomes.

2 case studies →

Key Players

Glencore

Baar, Switzerland

Trading House

The world's largest commodity trader by revenue and one of the largest mining companies. Glencore trades everything from coal and copper to oil and agricultural products. Founded by Marc Rich, now headquartered in Baar, Switzerland.

Revenue model

Margin on physical commodity trades + mining/production equity. Profit from information asymmetry, logistical edge, and balance sheet to hold inventory. Marketing (trading) and industrial (mining) segments.

coalcopperoilzincnickelcobaltgrain

Largest coal trader globally; controls ~10% of seaborne thermal coal trade

Website

Market Snapshot

STALE

LSE:GLEN (GBP)

Price

N/A

Daily Change

N/A

Market Cap

N/A

P/E

N/A

As of 2026-03-21T00:00:00Z · Source: Pending first automated market snapshot run

Financial Snapshot

Public filing derived

2024

Revenue

$217bn

EBITDA

$17.0bn

Net Income

$4.3bn

Confidence: medium · Source: Glencore annual reporting (rounded)

Rounded values for educational orientation.

Trafigura

Geneva, Switzerland

Trading House

The second-largest private commodity trader. Trafigura focuses on oil and petroleum products, metals, and bulk commodities. Known for aggressive trading strategy and significant infrastructure investments in ports and storage.

Revenue model

Physical commodity trading margins + logistics infrastructure. Structured finance (prepay deals with producers) as a competitive weapon. Owns Impala terminals and other port assets.

oilmetalscopperzinccoal

One of the largest oil traders; pioneered prepay finance deals with African state oil companies

Website

Financial Snapshot

Private estimate

2024

Revenue

200-300bn

EBITDA

8-15bn

Net Income

2-7bn

Confidence: low · Source: Company disclosures and market estimates

Private company ranges, not audited public filings.

Mercuria

Geneva, Switzerland

Trading House

Founded in 2004 by ex-Goldman Sachs traders. Mercuria started in oil and has aggressively expanded into metals, agriculture, and energy transition commodities. Owns JPMorgan's physical commodities business.

Revenue model

Physical trading margins + proprietary positioning. Strategic acquisitions to build supply chain assets.

oilmetalsgascoalcarbon

Acquired JPMorgan's physical commodities business in 2014; active in carbon markets

Website

Financial Snapshot

Private estimate

2024

Revenue

120-190bn

EBITDA

3-9bn

Net Income

0.8-3.5bn

Confidence: low · Source: Company disclosures and market estimates

Private-company metrics normalized to USD ranges.

Viterra

Rotterdam, Netherlands

Trading House

A major agricultural commodity trader and processor, particularly dominant in canola/rapeseed and grain. Formed from the merger of Glencore's agricultural business with Viterra. Now being acquired by Bunge.

Revenue model

Origination, processing, and distribution of agricultural commodities across North America, Australia, and Europe.

grainoilseedscanola

Dominant canola trader in Canada; major grain handler in Australia

Website

Financial Snapshot

Private estimate

2024

Revenue

40-70bn

EBITDA

1.5-4.0bn

Net Income

0.4-1.5bn

Confidence: low · Source: Company disclosures and market estimates

Private-company metrics normalized to USD ranges.