While the haematite concentrates produced in Eastern Canada and the magnetite concentrates that Australia will soon be producing are different feed materials, the pellets they produce have similar physical and metallurgical properties. This paper will examine the similarities and differences in the evolution of pellet microstructure for pellets produced from magnetite and haematite. The molten slag phase generated at high temperatures has a lower melting point when in contact with magnetite compared with haematite due to the higher divalent iron content. The presence of some slag is beneficial for bonding but too much can inhibit oxidation of magnetite, although slag generation at lower temperatures reduces energy usage. In pellets produced from haematite, magnetite is generated artificially from the combustion of the carbon particles added to the pellet feed as a source of energy. Maintaining the optimum production level and mineralogy of such secondary' magnetite, allowing for its subsequent reoxidation, is important for the quality of haematite pellets. In both magnetite and haematite pellets, balancing the slag formation and oxidation (re-oxidation for haematite pellets) of the magnetite (secondary magnetite for haematite pellets) is necessary.