Top 10 Companies in the Hot Briquetted Iron (HBI) Market (2026): Market Leaders Powering Global Steel

MARKET INSIGHTS

Hot Briquetted Iron (HBI) Market – View in Detailed Research Report

The Global Hot Briquetted Iron (HBI) market size was valued at USD 5,008 million in 2025 and is projected to grow from USD 5,123 million in 2026 to USD 6,235 million by 2034, exhibiting a CAGR of 2.5% during the forecast period.

Hot Briquetted Iron (HBI) is a premium, high-density form of Direct Reduced Iron (DRI) specifically engineered for superior handling and transport. The briquetting process, conducted at temperatures exceeding 650°C, compacts DRI into a dense, non-porous product with a density greater than 5,000 kg/m³. This transformation is critical because it significantly reduces the material’s reactivity, effectively eliminating the risk of spontaneous combustion that is a well‑known challenge with conventional DRI. As a result, HBI serves as a highly efficient and safe feedstock, or metallic charge, for electric arc furnaces (EAFs) and blast furnaces (BFs) in the steelmaking industry.

The market’s growth is primarily fueled by the steel industry’s accelerating transition towards more sustainable production methods. HBI is a pivotal enabler of “green steel” because its use in EAFs, especially when powered by renewable energy, results in substantially lower carbon emissions compared to traditional blast furnace routes using coke. Furthermore, the consistent quality and high iron content of HBI make it an attractive alternative to scrap metal, helping steel producers achieve precise chemistry control and produce higher‑grade steel products. Major investments in new HBI production capacity, such as those by key industry players, underscore the long‑term strategic importance of this commodity in decarbonizing the steel value chain.

TOP 10 Companies in the Hot Briquetted Iron (HBI) Market

1️⃣ Metalloinvest

Headquarters: Moscow, Russia
Key Offering: High‑purity HBI with iron content >92%

Metalloinvest operates one of the world’s largest HBI production plants, delivering high‑grade HBI to major steelmakers across Europe and Asia. Their vertically integrated operations—from iron ore mining to finished HBI—provide cost advantages and supply reliability.

Sustainability Initiatives:

• Investment in natural gas‑based direct reduction to cut CO₂ emissions.
• Strategic long‑term contracts with steel producers to secure low‑carbon feedstock.
• Continuous improvement of energy efficiency in briquetting units.

2️⃣ Voestalpine AG

Headquarters: Linz, Austria
Key Offering: Premium HBI for high‑performance automotive steels

Voestalpine supplies HBI to its own integrated steel mills and external customers, emphasizing high purity and consistent chemistry for advanced automotive and structural applications.

Sustainability Initiatives:

• Use of renewable natural gas in direct reduction plants.
• Carbon capture and utilization projects to further lower emissions.
• Participation in industry alliances to promote green steel.

3️⃣ Orinoco Iron

Headquarters: Caracas, Venezuela
Key Offering: Cost‑competitive HBI for emerging markets

Orinoco Iron leverages Venezuela’s abundant natural gas resources to produce HBI at competitive prices, targeting expanding steel sectors in Latin America and the Middle East.

Sustainability Initiatives:

• Adoption of low‑emission direct reduction processes.
• Efficient waste heat recovery systems.
• Collaboration with local steelmakers to optimize charge mixes.

4️⃣ Jindal Shadeed Iron & Steel

Headquarters: Muscat, Oman
Key Offering: HBI for EAF‑based mini‑mills

Jindal Shadeed operates a state‑of‑the‑art HBI plant in Oman, serving both domestic and regional steel producers with a focus on green manufacturing.

Sustainability Initiatives:

• Utilization of abundant natural gas to reduce CO₂ emissions.
• Strategic partnerships with Omani steel mills to promote low‑carbon steel.
• Implementation of advanced monitoring for process efficiency.

5️⃣ Cleveland‑Cliffs Inc.

Headquarters: Cleveland, USA
Key Offering: HBI for integrated EAF operations

Following its acquisition of AK Steel and ArcelorMittal USA, Cleveland‑Cliffs has become a pivotal player in the North American HBI market, supplying high‑quality HBI to its own and external EAF facilities.

Sustainability Initiatives:

• Investment in natural gas‑based direct reduction to lower carbon footprint.
• Enhanced energy efficiency in briquetting units.
• Strategic alliances with U.S. steel producers for green steel pathways.

6️⃣ Essar Steel

Headquarters: Mumbai, India
Key Offering: HBI for high‑value Indian steel plants

Essar Steel’s HBI production supports its integrated steel mills and other Indian customers, focusing on high‑quality, low‑emission feedstock.

Sustainability Initiatives:

• Use of natural gas to drive direct reduction processes.
• Carbon capture projects in collaboration with local partners.
• Targeted R&D to improve process efficiency and reduce costs.

7️⃣ Libyan Iron and Steel Company (LISCO)

Headquarters: Tripoli, Libya
Key Offering: HBI for emerging African markets

LISCO is expanding its HBI capabilities to serve growing African steel demand, leveraging regional natural gas resources.

Sustainability Initiatives:

• Low‑emission direct reduction technology.
• Efficient logistics to reduce transportation emissions.
• Collaboration with African steel producers on green steel projects.

8️⃣ Comsigua

Headquarters: Caracas, Venezuela
Key Offering: High‑purity HBI for Latin American steelmakers

Comsigua focuses on producing HBI with consistent chemistry to meet the needs of regional steel producers.

Sustainability Initiatives:

• Adoption of natural gas‑based reduction to cut CO₂.
• Energy‑efficient briquetting processes.
• Strategic partnerships with local steel companies.

9️⃣ Lion Group

Headquarters: Kuala Lumpur, Malaysia
Key Offering: HBI for Southeast Asian steel production

Lion Group supplies HBI to its own mills and regional customers, emphasizing quality and sustainability.

Sustainability Initiatives:

• Use of natural gas for direct reduction.
• Investments in process optimization.
• Collaborations with Malaysian steelmakers on green initiatives.

🔟 JSW Steel

Headquarters: Pune, India
Key Offering: HBI for high‑value steel products

JSW Steel’s HBI production supports its extensive steel manufacturing network, focusing on high‑purity, low‑carbon feedstock.

Sustainability Initiatives:

• Natural gas‑based direct reduction to lower emissions.
• Energy‑efficient briquetting operations.
• Strategic alliances with Indian steel producers for green steel.

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Outlook

Global demand for high‑quality steel, coupled with regulatory pressure to reduce carbon emissions, is expected to sustain the growth of the HBI market through 2034. The expansion of natural gas‑based direct reduction plants in the Middle East, North America, and Russia will increase supply capacity, while the adoption of hydrogen‑based reduction technologies may further enhance HBI’s environmental profile.

Future Trends

• Accelerated deployment of green hydrogen in direct reduction processes.
• Greater integration of HBI into electric arc furnace mini‑mills in emerging economies.
• Advancements in bulk shipping and specialized packaging to reduce handling costs.
• Strategic collaborations between HBI producers and steelmakers to lock in low‑carbon supply chains.