The hot briquetted iron (HBI) market refers to the global trade and consumption of a form of direct reduced iron (DRI) that has been compacted into briquettes. HBI is produced by reducing iron ore pellets in a direct reduction process at high temperatures and then compressing them into dense, compacted blocks or briquettes. These briquettes have several advantages over traditional iron ore, including higher iron content, lower impurities, and improved handling and transportation characteristics.

The global hot briquetted iron market size was valued at USD 3.69 billion in 2022 and is projected to grow from USD 3.80 billion in 2023 to USD 5.82 billion by 2030, exhibiting a CAGR of 6.3% during the forecast period.

The market for HBI is influenced by various factors including the demand for steel, the availability and price of iron ore and natural gas (which are key inputs in the production process), transportation costs, and environmental regulations. HBI is used primarily as a feedstock in electric arc furnaces (EAFs) for steelmaking, especially in regions where scrap steel is scarce or expensive.

Key players in the HBI market include iron ore producers, steelmakers, and traders. The market dynamics can be affected by factors such as changes in steel production methods, shifts in global economic conditions, technological advancements in ironmaking processes, and geopolitical factors impacting trade flows.

Overall, the hot briquetted iron market plays a crucial role in the steel industry's supply chain, providing an alternative source of high-quality iron units and contributing to the efficiency and sustainability of steel production.

KEY COMPANIES PROFILED:

• METALLOINVEST MC LLC (Russia)
• Voestalpine Group (U.S.)
• Cleveland-Cliffs Inc. (U.S.)
• ArcelorMittal (Luxembourg)
• Libyan Iron and Steel Company (Libya)
• Orinoco Iron S.C.S. (Venezuela)
• QATAR STEEL (Qatar)